9.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017:

(In thousands, except per share amounts)	Three Months Ended September 30				Nine Months Ended September 30
	2018		2017		2018		2017
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	22,168	$	21,899	$	85,816	$	81,694
Weighted-average number of common shares outstanding		22,986		22,971		23,036		22,941
Basic earnings per share	$	0.96	$	0.95	$	3.73	$	3.56

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	22,168	$	21,899	$	85,816	$	81,694
Weighted-average number of shares outstanding		22,986		22,971		23,036		22,941
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		103		147		103		167
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		3		8		2		8
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		113		140		111		142
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		83		108		72		103
Weighted-average shares applicable to diluted earnings		23,288		23,374		23,324		23,361
Diluted earnings per share	$	0.95	$	0.94	$	3.68	$	3.50

⁽¹⁾

Options/SARs to acquire 65,919 shares of Company common stock were excluded from the computations of diluted earnings per share for the nine months ended September 30, 2018. Options/SARs to acquire 24,840 shares of Company common stock were excluded from the computations of diluted earnings per share for the nine months ended September 30, 2017. Inclusion of the instruments would have had antidilutive effects on the computations of the earnings per share.