Earnings per share

12 Months Ended

Dec. 31, 2020

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 restricted shares and units were vested and stock options were exercised. 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:


	For the Years Ended December 31,
	2020	2019	2018
Numerator (in $ thousands):
Net income attributable to Stewart	154,905	78,615	47,523





Denominator (in thousands):
Basic average shares outstanding	24,793	23,611	23,543


Average number of dilutive shares relating to restricted shares and units	120	142	142
Diluted average shares outstanding	24,913	23,753	23,685

Basic earnings per share attributable to Stewart ($)	6.25	3.33	2.02
Diluted earnings per share attributable to Stewart ($)	6.22	3.31	2.01