($ thousands, except per share amounts)

2022

2021

2020

NUMERATOR

Net earnings (loss)

$

179,695

$

138,163

$

(438,994)

Net loss (earnings) attributable to noncontrolling interests

2,047

(1,144)

(120)

Net earnings (loss) attributable to Caleres, Inc.

$

181,742

$

137,019

$

(439,114)

Net earnings allocated to participating securities

(7,716)

(4,982)

—

Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities

$

174,026

$

132,037

$

(439,114)

DENOMINATOR

Denominator for basic earnings (loss) per common share attributable to Caleres, Inc. shareholders

34,930

36,741

37,220

Dilutive effect of share-based awards

475

354

—

Denominator for diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders

35,405

37,095

37,220

Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders

$

4.98

$

3.59

$

(11.80)

Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders

$

4.92

$

3.56

$

(11.80)