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Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareThe Company computes earnings per share 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 attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. 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 was as follows:
For the Year ended December 31,
(in thousands, except per share data)202020192018
Numerator:
Net income$58,759 $36,214 $31,294 
Less: net income (loss) attributable to noncontrolling interest— (1,476)207 
Net income attributable to MYR Group Inc.$58,759 $37,690 $31,087 
Denominator:
Weighted average common shares outstanding16,684 16,587 16,441 
Weighted average dilutive securities206 112 144 
Weighted average common shares outstanding, diluted16,890 16,699 16,585 
Net income per share attributable to MYR Group Inc.:
Basic$3.52 $2.27 $1.89 
Diluted$3.48 $2.26 $1.87 
For the years ended December 31, 2020, 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 time-vested and performance awards that were excluded from the calculation of dilutive securities:
(in thousands)202020192018
Time-vested stock awards— — 1 
Performance awards34 73 67 
Share Repurchase Program
On October 22, 2020, the Company’s Board of Directors authorized a new $50.0 million share repurchase program which became effective on November 2, 2020. The Company intends to fund the share repurchase program from cash on hand and through borrowings under its credit facility. The new share repurchase program will expire on November 2, 2021, or when the authorized funds are exhausted, whichever is earlier. No shares were repurchased under the new program in 2020. The remaining availability to purchase shares under the Repurchase Program was $50.0 million as of December 31, 2020.
During 2020 and 2019, the Company repurchased 24,910 and 23,103 shares of stock, respectively, for approximately $0.7 million and $0.8 million, respectively, from its employees to satisfy tax obligations on shares vested under the Long-Term Incentive Plans. All of the shares repurchased were retired and returned to authorized but unissued stock.