Earnings per share

9 Months Ended

Sep. 30, 2019

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if the restricted shares and restricted units were vested. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart	66,108	17,553	78,648	36,151

Denominator (000):
Basic average shares outstanding	23,616	23,556	23,608	23,537
Average number of dilutive shares relating to grants of restricted shares and units	157	143	172	140
Basic and diluted average shares outstanding	23,773	23,699	23,780	23,677

Basic earnings per share attributable to Stewart	2.80	0.75	3.33	1.54

Diluted earnings per share attributable to Stewart	2.78	0.74	3.31	1.53