Earnings Per Share

12 Months Ended

Dec. 31, 2022

The 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)	2022		2021		2020
Numerator:
Net income	$	83,381	$	85,006	$	58,759
Less: net loss attributable to noncontrolling interest	—		(4)		—
Net income attributable to MYR Group Inc.	$	83,381	$	85,010	$	58,759
Denominator:
Weighted average common shares outstanding	16,760		16,838		16,684
Weighted average dilutive securities	220		323		206
Weighted average common shares outstanding, diluted	16,980		17,161		16,890
Net income per share attributable to MYR Group Inc.:
Basic	$	4.98	$	5.05	$	3.52
Diluted	$	4.91	$	4.95	$	3.48

For the years ended December 31, 2022, 2021 and 2020, 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)	2022	2021	2020

Performance awards	13	—	34

Share Repurchase Program

On November 2, 2022, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program") which became effective on November 8, 2022. The Repurchase Program will expire on May 8, 2023, or when the authorized funds are exhausted, whichever is earlier. The Company’s prior $75.0 million repurchase program that commenced on May 5, 2022 expired on November 7, 2022.

During 2022 the Company repurchased 442,167 shares of its common stock under its repurchase programs at a weighted-average price of $83.64 per share. All of the shares repurchased were retired. The shares repurchased resulted in no change to authorized shares and an increase to unissued shares. As of December 31, 2022, the Company had $75.0 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.

During 2022 and 2021, the Company repurchased 68,675 and 51,113 shares of stock, respectively, for approximately $6.8 million and $3.4 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.