Earnings per share

3 Months Ended

Mar. 31, 2022

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 March 31,
			2022	2021
		($000 omitted, except per share)
Numerator:


Net income attributable to Stewart			57,897	54,236

Denominator (000):
Basic average shares outstanding			26,960	26,736
Average number of dilutive shares relating to options			265	103
Average number of dilutive shares relating to grants of restricted units and shares			219	145
Diluted average shares outstanding			27,444	26,984

Basic earnings per share attributable to Stewart			2.15	2.03

Diluted earnings per share attributable to Stewart			2.11	2.01