Earnings per share

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Numerator:


Net income attributable to Stewart	29,434	88,663	148,991	237,718

Denominator (000):
Basic average shares outstanding	27,113	26,873	27,031	26,803
Average number of dilutive shares relating to options	124	190	181	160
Average number of dilutive shares relating to grants of restricted units and shares	134	175	147	127
Diluted average shares outstanding	27,371	27,238	27,359	27,090

Basic earnings per share attributable to Stewart	1.09	3.30	5.51	8.87

Diluted earnings per share attributable to Stewart	1.08	3.26	5.45	8.78