Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) 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 and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 8) prior to their repayment on June 15, 2021; however, the Convertible Notes had no impact on diluted EPS. 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)	2022		2021		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(63,003)	$	31,165	$	(84,637)	$	47,199

Weighted-average common shares outstanding, basic	51,276		50,999		51,192		50,956
Effect of dilutive restricted stock units and stock options	—		376		—		406
Weighted-average common shares outstanding, diluted	51,276		51,375		51,192		51,362

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(1.23)	$	0.61	$	(1.65)	$	0.93
Diluted	$	(1.23)	$	0.61	$	(1.65)	$	0.92

Anti-dilutive securities not included above	3,398		1,810		3,415		1,725

For the three and six months ended June 30, 2022, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the period.