Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per ShareThe Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income attributable to MYR Group Inc. and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:


	For the Year ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Net income	$	85,006	$	58,759	$	36,214
Less: net loss attributable to noncontrolling interest	(4)		—		(1,476)
Net income attributable to MYR Group Inc.	$	85,010	$	58,759	$	37,690
Denominator:
Weighted average common shares outstanding	16,838		16,684		16,587
Weighted average dilutive securities	323		206		112
Weighted average common shares outstanding, diluted	17,161		16,890		16,699
Net income per share attributable to MYR Group Inc.:
Basic	$	5.05	$	3.52	$	2.27
Diluted	$	4.95	$	3.48	$	2.26

For the years ended December 31, 2021, 2020 and 2019, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. The following table summarizes the shares of common stock underlying the Company’s unvested performance awards that were excluded from the calculation of dilutive securities:


(in thousands)	2021	2020	2019

Performance awards	—	34	73

Share Repurchase Program

During 2021 and 2020, the Company repurchased 51,113 and 24,910 shares of stock, respectively, for approximately $3.4 million and $0.7 million, respectively, from its employees to satisfy tax obligations on shares vested under the Long-Term Incentive Plans. All of the shares repurchased were retired and returned to authorized but unissued stock.