Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Computation of Basic and Diluted Earnings Per Share for Continuing Operations

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three months ended March 31, 2015 and 2014 (in thousands, except per share data).


	Three Months Ended March 31,
	2015		2014
Numerator:
Income from continuing operations after income tax expense	$	19,503	$	18,026


Denominator:
Basic
Weighted average common shares outstanding		48,146		48,182


Diluted
Stock options (1)		778		865
Restricted stock awards (1)		358		414
Contingent shares (2)		95		100
Convertible senior subordinated notes (3)		2,008		3,057

Diluted weighted average common shares outstanding		51,385		52,618


Basic earnings per share from continuing operations	$	0.41	$	0.37


Diluted earnings per share from continuing operations	$	0.38	$	0.34

(1)	A total of 1.0 million and 0.3 million stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2015 and 2014, respectively, as their effect would be anti-dilutive.

(2)	Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by CBIZ.

(3)	The dilutive impact of potential shares to be issued upon conversion of the 2010 Notes is based on the average share price of $8.74 and $8.98 for the three months ended March 31, 2015 and 2014, respectively, which exceeded the conversion price of $7.41.