Earnings per share

6 Months Ended

Jun. 30, 2021

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 units and shares 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:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
	($000 omitted, except per share)
Numerator:


Net income attributable to Stewart	94,819	34,146	149,055	39,322

Denominator (000):
Basic average shares outstanding	26,798	23,656	26,767	23,647
Average number of dilutive shares relating to options	189	—	154	—
Average number of dilutive shares relating to grants of restricted units and shares	136	100	117	110
Diluted average shares outstanding	27,123	23,756	27,038	23,757

Basic earnings per share attributable to Stewart	3.54	1.44	5.57	1.66

Diluted earnings per share attributable to Stewart	3.50	1.44	5.51	1.66