Earnings Per Share

12 Months Ended

Dec. 31, 2021

Note 16 – Earnings Per Share

Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of restricted stock units (see Note 12), convertible debt instruments (see Note 6), and other potentially dilutive securities.

The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands):

	Years ended December 31,
	2021		2020		2019

Numerator:
Net earnings attributable to Vishay stockholders	$	297,970	$	122,923	$	163,936

Denominator:
Denominator for basic earnings per share:
Weighted average shares		144,796		144,641		144,427
Outstanding phantom stock units		209		195		181
Adjusted weighted average shares - basic		145,005		144,836		144,608

Effect of dilutive securities:
Restricted stock units		488		362		428
Convertible debt instruments		2		30		100
Dilutive potential common shares		490		392		528

Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted		145,495		145,228		145,136


Basic earnings per share attributable to Vishay stockholders	$	2.05	$	0.85	$	1.13

Diluted earnings per share attributable to Vishay stockholders	$	2.05	$	0.85	$	1.13

Diluted earnings per share for the years presented do not reflect the following weighted average potential common shares, as the effect would be antidilutive (in thousands):

	Years ended December 31,
	2021		2020		2019

Convertible debt instruments:
Convertible Senior Debentures, due 2041		-		100		301
Convertible Senior Notes, due 2025		-		17,062		19,063
Weighted average other		279		341		315

If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2025. Upon Vishay exercising its existing right to legally amend the indenture governing the convertible senior notes due 2025, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in common stock. Accordingly, the notes are not anti-dilutive when the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2025.