Earnings per share

12 Months Ended

Dec. 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. Any outstanding shares of Common Stock granted to employees that are not yet vested 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:


	For the Years Ended December 31,
	2022	2021	2020
Numerator (in $ thousands):
Net income attributable to Stewart	162,305	323,216	154,905





Denominator (in thousands):
Basic average shares outstanding	27,055	26,822	24,793
Average number of dilutive shares relating to options	159	197	—

Average number of dilutive shares relating to restricted units and shares	133	149	120
Diluted average shares outstanding	27,347	27,168	24,913

Basic earnings per share attributable to Stewart ($)	6.00	12.05	6.25
Diluted earnings per share attributable to Stewart ($)	5.94	11.90	6.22