Earnings Per Share

9 Months Ended

Sep. 30, 2020

The Company computes earnings per share attributable to MYR Group Inc. 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 available to stockholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to stockholders 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 were as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2020		2019		2020		2019

Numerator:
Net income attributable to MYR Group Inc.	$	17,292	$	10,355	$	40,609	$	24,915

Denominator:
Weighted average common shares outstanding	16,698		16,614		16,670		16,576
Weighted average dilutive securities	184		100		128		116
Weighted average common shares outstanding, diluted	16,882		16,714		16,798		16,692

Income per common share attributable to MYR Group Inc.:
Basic	$	1.04	$	0.62	$	2.44	$	1.50
Diluted	$	1.02	$	0.62	$	2.42	$	1.49

For the three and nine months ended September 30, 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 unvested time-vested stock awards 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:


	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2020	2019	2020	2019


Performance awards	34	30	34	73