Earnings per Share

12 Months Ended

Dec. 31, 2022

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 pursuant to equity based incentive compensation awards under the equity compensation plans described in Note 12 "Equity-Based Compensation" of the consolidated financial statements.

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


	2022		2021		2020
Numerator:
Income from continuing operations	$	82,406	$	74,516	$	83,291
Income (loss) from discontinued operations	—		1,113		(18,725)
Net income available to common shareholders	$	82,406	$	75,629	$	64,566
Denominator for basic earnings per share:
Weighted average shares outstanding	32,096		32,873		32,664
Denominator for diluted earnings per share:
Common stock options and stock units	96		181		254
Weighted average shares and conversions	32,192		33,054		32,918

The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards. 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.

The following table provides the potential anti-dilutive common stock options and stock units for the years ended December 31 (in thousands):


	2022	2021	2020
Common stock options and stock units	43	—	13