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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share |
2 0. | Earnings Per Share
The tables below reconcile the denominator and numerator used to compute basic earnings per share (“EPS”) to the denominator and numerator used to compute diluted EPS for the years ended December 31, 2020, December 31, 2019 and December 31, 2018. Basic EPS is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS is computed similar to basic EPS, except the income available to shareholders is adjusted to add back interest expense, after tax related to the Convertible Senior Note, and the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of equity-based awards and shares underlying the Convertible Senior Note. Convertible Senior Note dilution impact is calculated using the if-converted method which will be required upon adoption of ASU 2020-06. As a result, the Company elected to adopt the if-converted method under the present accounting. In connection with the offerings of our note, the Company entered into a convertible note hedge and warrants (see Note 12 Debt and Credit Facilities); however, the convertible note hedge is not considered when calculating dilutive shares given its impact is anti-dilutive. The impact of the bond hedge would offset the dilutive impact of the shares underlying the Convertible Senior Note. The warrants have a strike price above our average share price during the period and are out of the money and not included in the tables below. Dilutive potential common shares include, when circumstances require, shares the Company could be obligated to issue from its Convertible Senior Notes and warrants (see Note 12 for further discussion) and equity-based awards. Shares to be provided to the Company from its bond hedge purchased concurrently with the issuance of Convertible Senior Notes are anti-dilutive and are not included in its diluted shares. Anti-dilutive equity-based awards excluded from the calculation of earnings per share for the years ended December 31, 2020 and December 31, 2019 were 5,327 and 0, respectively. The weighted average number of shares used to compute basic and diluted EPS were (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Basic weighted average number of shares outstanding |  |  | 100,848 |  |  |  | 92,419 |  |  |  | 80,014 |
Equity-based awards |  |  | 357 |  |  |  | 334 |  |  |  | - |
Convertible senior notes |  |  | - |  |  |  | - |  |  |  | - |
Diluted weighted average number of shares outstanding |  |  | 101,205 |  |  |  | 92,753 |  |  |  | 80,014 |
The net income available to shareholders to compute basic and diluted EPS were (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net income attributable to Parsons Corporation |  |  | 98,541 |  |  |  | 120,534 |  |  |  | 222,337 |
Convertible senior notes if-converted method interest adjustment |  |  | - |  |  |  | - |  |  |  | - |
Diluted net income attributable to Parsons Corporation |  |  | 98,541 |  |  |  | 120,534 |  |  |  | 222,337 |

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