Earnings Per Common Share (EPS)

6 Months Ended

Jun. 30, 2019

Earnings Per Common Share (EPS) [Abstract]

Earnings Per Common Share (EPS)

(6)     Earnings Per Common Share (EPS)

Basic EPS and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units, unexercised stock options and the Convertible Notes, as defined in Note 9, Financial Commitments. In accordance with ASC 260, Earnings Per Share (“ASC 260”), the settlement of the principal amount of the Convertible Notes has no impact on diluted EPS because the Company has the intent and ability to settle the principal amount in cash. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per common share data)	2019		2018		2019		2018
Net income (loss) attributable to Tutor Perini Corporation	$	(320,530)	$	24,883	$	(320,886)	$	12,759
Weighted-average common shares outstanding, basic		50,224		49,946		50,161		49,880
Effect of dilutive restricted stock units and stock options		—		494		—		247
Weighted-average common shares outstanding, diluted		50,224		50,440		50,161		50,127
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(6.38)	$	0.50	$	(6.40)	$	0.26
Diluted	$	(6.38)	$	0.49	$	(6.40)	$	0.25
Anti-dilutive securities not included above		4,191		1,682		4,354		3,095

The net loss attributable to Tutor Perini Corporation per common share for the three and six months ended June 30, 2019 in the table above reflects the impact of the $379.9 million goodwill impairment charge discussed in Note 8, Goodwill and Intangible Assets, an after-tax impact of $329.5 million, or $6.56 and $6.57 per diluted share for the three and six months ended June 30, 2019, respectively.

All restricted stock units and stock options that were outstanding during the three and six months ended June 30, 2019 were excluded from weighted-average diluted shares outstanding for the periods, as the shares would have a dilutive effect on the net losses. Since the Company has the intent and ability to settle the principal amount of the Convertible Notes in cash, per ASC 260, the settlement of the principal amount was excluded from the calculation of diluted EPS.