Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

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. In accordance with ASC 260, Earnings Per Share, 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. See Note 9 for further discussion of the Convertible Notes. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per common share data)	2020		2019		2020		2019
Net income (loss) attributable to Tutor Perini Corporation	$	36,819	$	19,313	$	72,899	$	(301,573)

Weighted-average common shares outstanding, basic	50,787		50,279		50,598		50,201
Effect of dilutive restricted stock units and stock options	454		303		406		—
Weighted-average common shares outstanding, diluted	51,241		50,582		51,004		50,201

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	0.72	$	0.38	$	1.44	$	(6.01)
Diluted	$	0.72	$	0.38	$	1.43	$	(6.01)

Anti-dilutive securities not included above	1,514		1,665		1,977		3,458

For the nine months ended September 30, 2019, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding due to the net loss for the period.