EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

(13) EARNINGS PER SHARE

The following table provides a reconciliation between basic and diluted earnings per share (“EPS”):

			Dilutive
			Effect of
			Stock		Diluted
	Basic EPS		Options		EPS
2022:
Net earnings attributable to Valmont Industries, Inc.	$	250,863	$	—	$	250,863
Weighted average shares outstanding (000’s)		21,311		269		21,580
Per share amount	$	11.77	$	(0.15)	$	11.62
2021:
Net earnings attributable to Valmont Industries, Inc.	$	195,630	$	—	$	195,630
Weighted average shares outstanding (000’s)		21,193		300		21,493
Per share amount	$	9.23	$	(0.13)	$	9.10
2020:
Net earnings attributable to Valmont Industries, Inc.	$	140,693	$	—	$	140,693
Weighted average shares outstanding (000’s)		21,315		110		21,425
Per share amount	$	6.60	$	(0.03)	$	6.57

Basic and diluted net earnings and earnings per share in fiscal year 2022 were impacted by a loss from the divestiture of the offshore wind energy structures’ business of $33,273 (no associated tax benefit) ($1.54 per share). Basic and diluted net earnings and earnings per share in fiscal year 2021 were impacted by impairments of long-lived assets (customer relationship intangible asset, trade name, and property, plant and equipment) associated with the offshore wind energy structures business of $21,678 after-tax ($1.01 per share) and a valuation allowance against the deferred tax assets of the offshore wind energy structures business of $5,076 after-tax ($0.24 per share). Basic and diluted net earnings and earnings per share in fiscal year 2020 were impacted by impairments of goodwill and intangible assets in fiscal year 2020 of $16,220 after-tax ($0.76 per share) and restructuring expenses of $17,324 after-tax ($0.81 per share).

Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year.

At the end of fiscal years 2022, 2021, and 2020 there were 40,564, 47,223, and 0 outstanding stock options, respectively, with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively.