Earnings per Share

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive common shares which include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of diluted shares does not include potential anti-dilutive common shares aggregating 13,000, 30,000 and 303,000 at December 31, 2020, 2019 and 2018, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the options, restricted shares, restricted stock units, and performance stock units assumed to have vested.

Weighted average shares outstanding for basic and diluted earnings are as follows for the years ended December 31 (in thousands):


	2020		2019		2018
Numerator:
Income from continuing operations	$	83,291	$	59,928	$	54,112
(Loss) income from discontinued operations	(18,725)		5,163		9,697
Net income available to common shareholders	$	64,566	$	65,091	$	63,809
Denominator for basic earnings per share:
Weighted average shares outstanding	32,664		32,389		31,979
Denominator for diluted earnings per share:
Common stock options and stock units	254		333		555
Weighted average shares and conversions	32,918		32,722		32,534