The calculation of the diluted earnings per share using the if-converted method is as follows:


	For the Years Ended December 31,
	2012		2011		2010
	($000 omitted)
Numerator:
Net earnings (loss) attributable to Stewart		109,182		2,348		(12,582	)
Interest expense, net of tax effects		3,139		—		—

If-converted net earnings (loss) attributable to Stewart		112,321		2,348		(12,582	)


Denominator (000):
Basic average shares outstanding		19,294		19,131		18,313
Dilutive average number of shares relating to convertible senior notes		5,047		—		—
Dilutive average number of shares relating to restricted shares grant		43		—		—

Dilutive average shares outstanding		24,384		19,131		18,313


Diluted earnings per share attributable to Stewart		4.61		0.12		(0.69	)