Earnings Per Share

3 Months Ended

Mar. 31, 2020

10.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three months ended March 31, 2020 and 2019:

(In thousands, except per share amounts)	Three Months Ended March 31
	2020		2019
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	27,545	$	24,984
Weighted-average number of common shares outstanding		23,023		23,099
Basic earnings per share	$	1.20	$	1.08

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	27,545	$	24,984
Weighted-average number of shares outstanding		23,023		23,099
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		102		92
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		1		3
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		128		108
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		31		30
Weighted-average shares applicable to diluted earnings		23,285		23,332
Diluted earnings per share	$	1.18	$	1.07

⁽¹⁾ Options/SARs to acquire 256,288 and 214,241 shares of Company common stock were excluded from the computations of diluted earnings per share for the three months ended March 31, 2020 and March 31, 2019. Inclusion of the instruments would have had an antidilutive effect on the earnings per share computations.