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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 17. Earnings Per Share The following tables 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 three and nine months ended September 30, 2023 and September 30, 2022. 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 stock-based awards and shares underlying the Convertible Senior Note. Convertible Senior Note dilution impact is calculated using the if-converted method. In connection with the offerings of the Notes, the Company entered into a convertible note hedge and warrants (see Note 10 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 10 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 three months ended September 30, 2023 and September 30, 2022 were 2,911 and 2,449, respectively and for the nine months ended September 30, 2023 and September 30, 2022 were 3,284 and 11,564, respectively. The weighted average number of shares used to compute basic and diluted EPS were:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Basic weighted average number of shares outstanding |  |  | 104,970,645 |  |  |  | 103,608,135 |  |  |  | 104,894,448 |  |  |  | 103,684,048 |
Stock-based awards |  |  | 1,177,894 |  |  |  | 918,090 |  |  |  | 1,020,082 |  |  |  | 746,702 |
Convertible senior notes |  |  | 8,916,530 |  |  |  | 8,916,530 |  |  |  | 8,916,530 |  |  |  | 8,916,530 |
Diluted weighted average number of shares outstanding |  |  | 115,065,069 |  |  |  | 113,442,755 |  |  |  | 114,831,060 |  |  |  | 113,347,280 |
The net income available to shareholders to compute basic and diluted EPS were (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Net income attributable to Parsons Corporation |  | $ | 47,447 |  |  | $ | 29,571 |  |  |  | 116,241 |  |  |  | 68,533 |
Convertible senior notes if-converted method interest adjustment |  |  | 559 |  |  |  | 545 |  |  |  | 1,665 |  |  |  | 1,627 |
Diluted net income attributable to Parsons Corporation |  | $ | 48,006 |  |  | $ | 30,116 |  |  |  | 117,906 |  |  |  | 70,160 |
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 timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, the market price of the Company's common stock, other uses of capital and other factors. There were no share repurchases during the three months ended September 30, 2023 The table below presents information on this repurchase program:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Total shares repurchased |  |  | - |  |  |  | 95,413 |  |  |  | 185,475 |  |  |  | 522,501 |
Total shares retired |  |  | - |  |  |  | 95,413 |  |  |  | 185,475 |  |  |  | 522,501 |
Average price paid per share |  | $ | - |  |  | $ | 41.42 |  |  | $ | 43.13 |  |  | $ | 37.32 |
As of September 30, 2023, the Company has $48.3 million remaining under the stock repurchase program.

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