Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in thousands, except per common share data)	2022		2021		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(32,455)	$	15,394	$	(117,092)	$	62,593

Weighted-average common shares outstanding, basic	51,404		51,072		51,263		50,995
Effect of dilutive restricted stock units and stock options	—		294		—		369
Weighted-average common shares outstanding, diluted	51,404		51,366		51,263		51,364

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(0.63)	$	0.30	$	(2.28)	$	1.23
Diluted	$	(0.63)	$	0.30	$	(2.28)	$	1.22

Anti-dilutive securities not included above	3,011		2,131		3,280		1,861

For the three and nine months ended September 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.