Earnings per share

6 Months Ended

Jun. 30, 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 June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Numerator:


Net income attributable to Stewart	61,660	94,819	119,557	149,055

Denominator (000):
Basic average shares outstanding	27,018	26,798	26,989	26,767
Average number of dilutive shares relating to options	154	189	226	154
Average number of dilutive shares relating to grants of restricted units and shares	121	136	162	117
Diluted average shares outstanding	27,293	27,123	27,377	27,038

Basic earnings per share attributable to Stewart	2.28	3.54	4.43	5.57

Diluted earnings per share attributable to Stewart	2.26	3.50	4.37	5.51