The tables below reconcile the denominator and numerator used to compute basic earnings per share (“EPS”) to the denominator and numerator used to compute diluted EPS for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. Basic EPS is computed using the weighted average number of shares outstanding during the period and income available to shareholders.

Diluted EPS is computed similar to basic EPS, except the income available to shareholders is adjusted to add back interest expense, after tax, related to the Convertible Senior Note, and the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards and shares underlying the Convertible Senior Note.

Convertible Senior Note dilution impact is calculated using the if-converted method. In connection with the offerings of our note, the Company entered into a convertible note hedge and warrants (see Note 11 - Debt and Credit Facilities); however, the convertible note hedge is not considered when calculating dilutive shares given its impact is anti-dilutive. The impact of the bond hedge would offset the dilutive impact of the shares underlying the Convertible Senior Note. The warrants have a strike price above our average share price during the period and are out of the money and not included in the tables below.

Dilutive potential common shares include, when circumstances require, shares the Company could be obligated to issue from its Convertible Senior Notes and warrants (see Note 11 - Debt and Credit Facilities for further discussion) and stock-based awards. Shares to be provided to the Company from its bond hedge purchased concurrently with the issuance of Convertible Senior Notes are anti-dilutive and are not included in its diluted shares. Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the years ended December 31, 2023, December 31, 2022, and December 31, 2021 were 5,423, 15,113, and 11,986, respectively.

The following table reconciles the numerator and denominator used to compute basic EPS and the numerator and denominator used to computed diluted EPS (in thousands):


	2023		2022		2021
Numerator for Basic and Diluted EPS:
Net income attributable to Parsons Corporation - basic	$	161,149	$	96,664	$	64,072
Convertible senior notes if-converted method interest adjustment		2,291		2,176		2,130
Net income attributable to Parsons Corporation - diluted	$	163,440	$	98,840	$	66,202

Denominator for Basic and Diluted EPS:
Basic weighted average number of shares outstanding		104,992		103,758		102,544
Dilutive effect of stock-based awards		1,173		808		666
Dilutive effect of convertible senior notes		8,917		8,917		8,917
Diluted weighted average number of shares outstanding		115,082		113,483		112,127

Earnings per share:
Basic	$	1.53	$	0.93	$	0.62
Diluted	$	1.42	$	0.87	$	0.59

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 $100,000,000 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. 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.


	2023		2022
Total shares repurchased		233,010		574,933
Total shares retired		233,010		574,933
Average price paid per share	$	47.21	$	38.27

As of December 31, 2023, the Company has $45.3 million remaining under the stock repurchase program.