Earnings Per Share

9 Months Ended

Sep. 30, 2024

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 were no dilutive or anti-dilutive equity instruments as there were no 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