Earnings Per Share

12 Months Ended

Dec. 31, 2018

17. Earnings Per Share

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)	2018		2017		2016
Numerator:
Net income	$	31,294	$	21,154	$	21,431
Less: net income – noncontrolling interests		207		—		—
Net income attributable to MYR Group Inc.	$	31,087	$	21,154	$	21,431
Denominator:
Weighted average common shares outstanding		16,441		16,273		17,109
Weighted average dilutive securities		144		223		352
Weighted average common shares outstanding, diluted		16,585		16,496		17,461
Net income per share attributable to MYR Group Inc.:
Basic	$	1.89	$	1.30	$	1.25
Diluted	$	1.87	$	1.28	$	1.23

For the years ended December 31, 2018, 2017 and 2016, 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 stock options and performance awards that were excluded from the calculation of dilutive securities:

(In thousands)	2018		2017		2016
Time-vested stock awards		1		44		—
Performance awards		67		97		63

Share Repurchase Program

On July 26, 2018, the Company’s Board of Directors approved a new $20.0 million share repurchase program that began when the previous share repurchase program expired on August 15, 2018. The new share repurchase program will expire on August 15, 2019, or when the authorized funds are exhausted, whichever is earlier. No shares were repurchased under the new program in 2018.

The remaining availability to purchase shares under the Repurchase Program was $

20.0

million as of December 31, 2018.

During 2018, the Company repurchased 32,857 shares of stock for approximately $1.0 million from its employees to satisfy tax obligations on shares vested under the Plans. All of the shares repurchased were retired and returned to authorized but unissued stock.

During 2017, the Company repurchased 92,987 shares of its common stock at a weighted-average price of $32.90 per share; 35,338 of those shares were purchased under its Repurchase Program for approximately $0.8 million. Additionally, the Company repurchased 57,649 shares of stock for approximately $2.2 million from its employees to satisfy tax obligations on shares vested under the 2007 LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock.