Earnings Per Share

6 Months Ended

Jun. 30, 2016

11.	Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data).

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Numerator:
Income from continuing operations	$	8,387	$	6,685	$	30,185	$	26,188
Denominator:
Basic
Weighted average common shares outstanding		52,031		49,464		51,802		48,809
Diluted
Stock options (1)		814		868		811		829
Restricted stock awards (1)		229		224		283		290
Contingent shares (2)		5		118		5		118
Convertible senior subordinated notes (3)		—		1,350		—		1,181
Diluted weighted average common shares outstanding		53,079		52,024		52,901		51,227
Basic earnings per share from continuing operations	$	0.16	$	0.14	$	0.58	$	0.54
Diluted earnings per share from continuing operations	$	0.16	$	0.13	$	0.57	$	0.51

(1)

A total of 1.7 million and 1.5 million share based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2016, respectively, and a total of 1.5 million and 1.2 million share based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2015, 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 not applicable to the six months ended June 30, 2016 due to the maturation of the 2010 Notes in the fourth quarter of 2015.