Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Common ShareBasic 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 (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.


	Three Months Ended March 31,
(in thousands, except per common share data)	2023		2022
Net loss attributable to Tutor Perini Corporation	$	(49,196)	$	(21,634)

Weighted-average common shares outstanding, basic	51,551		51,107
Effect of dilutive RSUs and stock options	—		—
Weighted-average common shares outstanding, diluted	51,551		51,107

Net loss attributable to Tutor Perini Corporation per common share:
Basic	$	(0.95)	$	(0.42)
Diluted	$	(0.95)	$	(0.42)

Anti-dilutive securities not included above	2,857		3,431

For both the three months ended March 31, 2023 and 2022, all outstanding RSUs 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 both periods.