XML 35 R26.htm IDEA: XBRL DOCUMENT
v3.25.1

Earnings Per Share | 3 Months Ended
--- | ---
Mar. 31, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | 17. Earnings Per Share Basic earnings per share (“EPS”) is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for Convertible Debt and the treasury stock method for all other instruments. Under the treasury stock method, the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards. Under the if-converted method: 1. Convertible Senior Notes due 2025: a. Income available to shareholders is adjusted to add back interest expense, after tax (unless antidilutive). b. Weighted average number of shares outstanding is adjusted to include the shares underlying the convertible debt (unless antidilutive). c. Shares underlying the bond hedge (unless antidilutive). d. Shares underlying the warrants (unless antidilutive). 2. Convertible Senior Notes due 2029: a. Interest has been excluded from the numerator and no shares have been included in the denominator of diluted EPS, as the principal amount of convertible debt will be settled in cash with any excess conversion value settled in cash or shares of common stock. b. Excludes shares underlying the capped call as the shares are antidilutive. The following tables reconcile the denominator and numerator used to compute basic EPS to the denominator and numerator used to compute diluted EPS for the three months ended March 31, 2025 and March 31, 2024 (in thousands):
|  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Numerator for Basic and Diluted EPS: |  |  |  |  |  |
Net income attributable to Parsons Corporation - basic |  | $ | 66,203 |  |  | $ | 39,750 |
Convertible senior notes if-converted method interest adjustment |  |  | 54 |  |  |  | 2,766 |
Net income attributable to Parsons Corporation - diluted |  | $ | 66,257 |  |  | $ | 42,516 |
Denominator for Basic and Diluted EPS: |  |  |  |  |  |
Basic weighted average number of shares outstanding |  |  | 106,831 |  |  |  | 106,037 |
Dilutive effect of stock-based awards |  |  | 1,637 |  |  |  | 1,502 |
Dilutive effect of warrants |  |  | 440 |  |  |  | 21 |
Dilutive effect of convertible senior notes due 2025 |  |  | 2,118 |  |  |  | 6,802 |
Diluted weighted average number of shares outstanding |  |  | 111,026 |  |  |  | 114,362 |
Earnings per share: |  |  |  |  |  |
Basic |  | $ | 0.62 |  |  | $ | 0.37 |
Diluted |  | $ | 0.60 |  |  | $ | 0.37 |
Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended March 31, 2025 and March 31, 2024 were 12,733 and 26,820, respectively. Share Repurchases On August 9, 2021, the Company’s Board of Directors authorized the Company to acquire a number of shares of Common Stock having an aggregate market value of not greater than $100 million from time to time, commencing on August 12, 2021. The Board further amended this authorization in August 2022 to remove the prior expiration date and grant executive leadership the discretion to determine the price for such share repurchases. The Board further amended this authorization in February 2024 to restore the repurchase capacity to $100 million and removed the $25 million quarterly cap on such repurchases. The Board further amended this authorization in March 2025 to increase and reset the repurchase capacity to $250 million. Any purchases made by the Company during Q1 of 2025 would be deducted from the reset capacity. Under prior authorizations, the Company had repurchased shares with an aggregate market value of $79.7 million. The aggregate market value of shares of Common Stock the Company is authorized to acquire from prior authorizations and the March 2025 authorization is not greater than $329.7 million. As of March 31, 2025, the Company has spent $104.7 million repurchasing 2,137,461 shares of Common Stock at an average price of $48.98 per share. Repurchased shares of common stock are retired and included in “Repurchases of common stock” in cash flows from financing activities in the Consolidated Statements of Cash Flows. The primary purpose of the Company’s share repurchase program is to reduce the dilutive effect of shares issued under the Company’s ESOP and other stock benefit plans. 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. The following table summarizes the repurchase activity under the stock repurchase program:
|  | Three Months Ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
Total shares repurchased |  |  | 423,980 |  |  |  | - |
Total shares retired |  |  | 423,980 |  |  |  | - |
Average price paid per share (1) |  | $ | 58.95 |  |  | $ | - |
1 Includes commissions in the calculation of average price per share

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration