| Earnings Per Share |
19.
Earnings Per Share
Below is the computation of basic and diluted earnings per
share for the years ended December 31, 2013, 2012 and 2011.
All historical share and per share data reflect the effects of the
two-for-one common stock split that was effective December 14,
2012.
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(In thousands, except per share
amounts) |
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2013 |
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2012 |
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2011 |
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Computation of Basic Earnings per
Share
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Net income
attributable to Stepan Company
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$ |
72,828 |
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$ |
79,396 |
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$ |
71,976 |
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Deduct
dividends on preferred stock
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43 |
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579 |
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714 |
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Income
applicable to common stock
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$ |
72,785 |
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$ |
78,817 |
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$ |
71,262 |
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Weighted-average number of shares
outstanding
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22,621 |
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21,273 |
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20,726 |
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Basic
earnings per share
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$ |
3.22 |
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$ |
3.71 |
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$ |
3.44 |
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Computation of Diluted Earnings per
Share
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Net income
attributable to Stepan Company
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$ |
72,828 |
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$ |
79,396 |
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$ |
71,976 |
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Weighted-average number of shares
outstanding
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22,621 |
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21,273 |
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20,726 |
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Add
weighted-average net shares from assumed exercise of options (under
treasury stock method) (1)
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215 |
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392 |
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472 |
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Add
weighted-average contingently issuable net shares related to
performance stock awards (under treasury stock method)
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— |
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12 |
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52 |
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Add
weighted-average unvested stock awards (under treasury stock
method)
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8 |
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6 |
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4 |
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Add
weighted-average shares from assumed conversion of convertible
preferred stock
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80 |
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1,047 |
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1,186 |
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Weighted-average shares applicable to diluted
earnings
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22,924 |
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22,730 |
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22,440 |
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Diluted
earnings per share
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$ |
3.18 |
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$ |
3.49 |
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$ |
3.21 |
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| (1) |
Options to purchase 49,815, 16,444 and 91,449 shares of
common stock were not included in the computations of diluted
earnings per share for the years ended December 31, 2013, 2012
and 2011, respectively. The options’ exercise prices were
greater than the average market price for the common stock and
their effect would have been antidilutive.
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