EARNINGS (LOSS) PER SHARE

The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of the Company. The following table sets forth the computation of basic and diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders:





(in $ thousands, except per share amounts)	2018			2017			2016

NUMERATOR
Net (loss) earnings	$	(5,481	)	$	87,231		$	66,086
Net loss (earnings) attributable to noncontrolling interests	40			(31		)	(428		)
Net earnings allocated to participating securities	—			(2,384		)	(1,750		)
Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	(5,441	)	$	84,816		$	63,908

DENOMINATOR
Denominator for basic (loss) earnings per common share attributable to Caleres, Inc. shareholders	41,756			41,801			42,026
Dilutive effect of share-based awards	—			179			155
Denominator for diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders	41,756			41,980			42,181

Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders	$	(0.13	)	$	2.03		$	1.52

Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders	$	(0.13	)	$	2.02		$	1.52

Options to purchase 16,667 and 63,915 shares of common stock in 2017 and 2016, respectively, were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be antidilutive. There were no options to purchase shares excluded from the denominator in 2018. Due to the Company's net loss attributable to Caleres, Inc. in 2018, the denominator for diluted loss per common share attributed to Caleres, Inc. shareholders is the same as the denominator for basic loss per common share attributable to Caleres, Inc. shareholders.

The Company repurchased 1,465,649, 225,000 and 900,000 shares during the years ended February 2, 2019, February 3, 2018 and January 28, 2017, respectively, under the 2011 and 2018 publicly announced share repurchase programs, which permits repurchases of up to 2.5 million shares in each program, as further discussed in Item 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. As of February 2, 2019, the Company has repurchased a total of 2.7 million shares at a cost of $77.8 million.