Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Common ShareBasic earnings per common share (“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 had no impact on diluted EPS because the Company has had the intent and ability to settle the principal amount in cash, and upon maturity on June 15, 2021, the Company repaid the remaining principal balance of the Convertible Notes 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 June 30,				Six Months Ended June 30,
(in thousands, except per common share data)	2021		2020		2021		2020
Net income attributable to Tutor Perini Corporation	$	31,165	$	18,709	$	47,199	$	36,080

Weighted-average common shares outstanding, basic	50,999		50,667		50,956		50,502
Effect of dilutive restricted stock units and stock options	376		268		406		383
Weighted-average common shares outstanding, diluted	51,375		50,935		51,362		50,885

Net income attributable to Tutor Perini Corporation per common share:
Basic	$	0.61	$	0.37	$	0.93	$	0.71
Diluted	$	0.61	$	0.37	$	0.92	$	0.71

Anti-dilutive securities not included above	1,810		2,209		1,725		2,209