Everus Construction Group Inc
For the period ended Sep 30, 2024. Filed Nov 21, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 21, 2024
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Earnings Per Share
Note 8 –Earnings Per Share
Prior to the Separation, Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution,50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to reflect the Everus shares outstanding on the Distribution date. For the three and nine months ended September 30, 2024 and 2023, there wereno dilutive or anti-dilutive equity instruments as there wereno Everus stock-based awards outstanding during those periods.
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any dilutive securities.
Basic and diluted earnings per share were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis:
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In thousands, except per share amounts) | ||||
| Net income | $41,767 | $36,014 | $108,953 | $100,737 |
| Weighted average common shares outstanding - basic | 50,972 | 50,972 | 50,972 | 50,972 |
| Weighted average common shares outstanding - diluted | 50,972 | 50,972 | 50,972 | 50,972 |
| Earnings per share - basic | $0.82 | $0.71 | $2.14 | $1.98 |
| Earnings per share - diluted | $0.82 | $0.71 | $2.14 | $1.98 |
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