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Earnings Per Share | 12 Months Ended
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Dec. 31, 2021
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, 2021, December 31, 2020 and December 31, 2019. 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 was required upon adoption of ASU 2020-06. As a result, the Company elected to adopt the if-converted method during the third quarter of 2020. 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 stock-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 stock-based awards excluded from the calculation of earnings per share for the years ended December 31, 2021, December 31, 2020, and December 31, 2019 were 11,986, 5,327, and 0, respectively. In addition, the convertible senior notes were anti-dilutive and excluded for 2020. The weighted average number of shares used to compute basic and diluted EPS were (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Basic weighted average number of shares outstanding |  |  | 102,544 |  |  |  | 100,848 |  |  |  | 92,419 |
Stock-based awards |  |  | 666 |  |  |  | 357 |  |  |  | 334 |
Convertible senior notes |  |  | 8,917 |  |  |  | - |  |  |  | - |
Diluted weighted average number of shares outstanding |  |  | 112,127 |  |  |  | 101,205 |  |  |  | 92,753 |
The net income available to shareholders to compute basic and diluted EPS were (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Net income attributable to Parsons Corporation |  |  | 64,072 |  |  |  | 98,541 |  |  |  | 120,534 |
Convertible senior notes if-converted method interest adjustment |  |  | 2,130 |  |  |  | - |  |  |  | - |
Diluted net income attributable to Parsons Corporation |  |  | 66,202 |  |  |  | 98,541 |  |  |  | 120,534 |
Share Repurchases In August 2021, the Company’s Board of Directors authorized a stock repurchase program to repurchase up to $100.0 million of shares of Common Stock. Repurchases under this stock repurchase program commenced on August 12, 2021. Any and all shares of Common Stock purchased by the Company pursuant to the program shall be retired upon their acquisition and shall not become treasury shares but instead shall resume the status of authorized but unissued shares of Common Stock. The table below presents information on this repurchase program:
|  | 2021 |
Total shares repurchased |  |  | 618,533 |
Total shares retired |  |  | 618,533 |
Average price paid per share |  | $ | 35.08 |
As of December 31, 2021, the Company has $78.3 million remaining under the stock repurchase program.

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