Below are the computations of basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015:
|
(In thousands, except per share amounts) |
|
Three Months Ended
September 30 |
|
|
Nine Months Ended
September 30 |
|
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
Computation of Basic Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Stepan Company |
|
$ |
20,427 |
|
|
$ |
24,912 |
|
|
$ |
75,946 |
|
|
$ |
63,096 |
|
|
Weighted-average number of common shares outstanding |
|
|
22,819 |
|
|
|
22,732 |
|
|
|
22,771 |
|
|
|
22,731 |
|
|
Basic earnings per share |
|
$ |
0.90 |
|
|
$ |
1.10 |
|
|
$ |
3.34 |
|
|
$ |
2.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Diluted Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Stepan Company |
|
$ |
20,427 |
|
|
$ |
24,912 |
|
|
$ |
75,946 |
|
|
$ |
63,096 |
|
|
Weighted-average number of shares outstanding |
|
|
22,819 |
|
|
|
22,732 |
|
|
|
22,771 |
|
|
|
22,731 |
|
|
Add weighted-average net shares issuable from assumed
exercise of options (under treasury stock method) (1) |
|
|
134 |
|
|
|
119 |
|
|
|
124 |
|
|
|
117 |
|
|
Add weighted-average net shares related to unvested
stock awards (under treasury stock method) |
|
|
6 |
|
|
|
2 |
|
|
|
5 |
|
|
|
3 |
|
|
Add weighted-average net shares from assumed exercise
of SARS (under treasury stock method) |
|
|
73 |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
Add weighted-average contingently issuable net shares
related to performance stock awards (under treasury
stock method) |
|
|
50 |
|
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
Weighted-average shares applicable to diluted earnings |
|
|
23,082 |
|
|
|
22,853 |
|
|
|
22,975 |
|
|
|
22,851 |
|
|
Diluted earnings per share |
|
$ |
0.89 |
|
|
$ |
1.09 |
|
|
$ |
3.31 |
|
|
$ |
2.76 |
|
(1) Options to purchase 58,287 shares of Company common stock were excluded from the computations of diluted earnings per share for the nine months ended September 30, 2016. Options to purchase 90,734 and 136,170 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and nine months ended September 30, 2015, respectively. The excluded options’ exercise prices were greater than the average market price for the common stock, and their effect would have been antidilutive.
|