Earnings Per Share

6 Months Ended

Jun. 30, 2019

13. Earnings Per Share

The Company computes earnings per share attributable to MYR Group Inc. using the treasury stock method. Under the treasury stock method, basic earnings per share attributable to MYR Group Inc. are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income attributable to MYR Group Inc. and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands, except per share data)	2019		2018		2019		2018

Numerator:
Net income attributable to MYR Group Inc.	$	7,207	$	6,835	$	14,560	$	12,479

Denominator:
Weighted average common shares outstanding		16,600		16,455		16,557		16,388
Weighted average dilutive securities		104		137		125		167
Weighted average common shares outstanding, diluted		16,704		16,592		16,682		16,555

Income per common share attributable to MYR Group Inc.:
Basic	$	0.43	$	0.42	$	0.88	$	0.76
Diluted	$	0.43	$	0.41	$	0.87	$	0.75

For the three and six months ended June 30, 2019 and 2018, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested stock options and performance awards that were excluded from the calculation of dilutive securities:

	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2019		2018		2019		2018

Restricted stock		—		30		—		1
Performance awards		73		68		73		86