Earnings per share

9 Months Ended

Sep. 30, 2023

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,
	2023	2022	2023	2022
	($000 omitted, except per share)
Numerator:


Net income attributable to Stewart	13,999	29,434	21,624	148,991

Denominator (000):
Basic average shares outstanding	27,348	27,113	27,269	27,031
Average number of dilutive shares relating to options	69	124	52	181
Average number of dilutive shares relating to grants of restricted units and shares	233	134	124	147
Diluted average shares outstanding	27,650	27,371	27,445	27,359

Basic earnings per share attributable to Stewart	0.51	1.09	0.79	5.51

Diluted earnings per share attributable to Stewart	0.51	1.08	0.79	5.45