

Note 5	Earnings Per Share

The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended November 3, 2018 and October 28, 2017:



	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
($ thousands, except per share amounts)	November 3, 2018			October 28, 2017			November 3, 2018			October 28, 2017
NUMERATOR
Net earnings	$	29,155		$	34,373		$	69,946		$	66,931
Net (earnings) loss attributable to noncontrolling interests	(2		)	14			65			(47		)
Net earnings allocated to participating securities	(800		)	(949		)	(1,950		)	(1,841		)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	28,353		$	33,438		$	68,061		$	65,043

DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders	41,999			41,788			41,958			41,801
Dilutive effect of share-based awards	107			182			116			173
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders	42,106			41,970			42,074			41,974

Basic earnings per common share attributable to Caleres, Inc. shareholders	$	0.68		$	0.80		$	1.62		$	1.56

Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	0.67		$	0.80		$	1.62		$	1.55

Options to purchase 16,667 shares of common stock for the thirteen and thirty-nine weeks ended October 28, 2017 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive. There were no options to purchase shares excluded from the denominator for the thirteen and thirty-nine weeks ended November 3, 2018.

During the thirty-nine weeks ended November 3, 2018 and October 28, 2017, the Company repurchased 100,000 and 225,000 shares, respectively, under the publicly announced share repurchase program, which permits repurchases of up to 2.5 million shares. The Company did not purchase any shares during the thirteen weeks ended November 3, 2018 or October 28, 2017. As of November 3, 2018, the Company has repurchased a total of 1.4 million shares under this program.