Earnings Per Share

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020

Numerator:
Net earnings attributable to Vishay stockholders	$	428,810	$	297,970	$	122,923

Denominator:
Denominator for basic earnings per share:
Weighted average shares		143,176		144,796		144,641
Outstanding phantom stock units		223		209		195
Adjusted weighted average shares - basic		143,399		145,005		144,836

Effect of dilutive securities:
Restricted stock units		516		488		362
Convertible debt instruments		-		2		30
Dilutive potential common shares		516		490		392

Denominator for diluted earnings per share:
Adjusted weighted average shares - diluted		143,915		145,495		145,228


Basic earnings per share attributable to Vishay stockholders	$	2.99	$	2.05	$	0.85

Diluted earnings per share attributable to Vishay stockholders	$	2.98	$	2.05	$	0.85

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,
	2022		2021		2020

Convertible debt instruments:
Convertible Senior Debentures, due 2041		-		-		100
Convertible Senior Notes, due 2025		-		-		17,062
Weighted average other		251		279		341

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.