EARNINGS (LOSS) PER SHARE

12 Months Ended

Jan. 29, 2022

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

3.   EARNINGS (LOSS) PER SHARE

The Company uses the two-class method to compute basic and diluted earnings (loss) 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 earnings (loss) per common share attributable to Caleres, Inc. shareholders:

($ thousands, except per share amounts)	2021		2020		2019
NUMERATOR
Net earnings (loss)	$	138,163	$	(438,994)	$	62,082
Net (earnings) loss attributable to noncontrolling interests		(1,144)		(120)		737
Net earnings (loss) attributable to Caleres, Inc.	$	137,019	$	(439,114)	$	62,819
Net earnings allocated to participating securities		(4,982)		—		(1,988)
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities	$	132,037	$	(439,114)	$	60,831
DENOMINATOR
Denominator for basic earnings (loss) per common share attributable to Caleres, Inc. shareholders		36,741		37,220		39,796
Dilutive effect of share-based awards		354		—		57
Denominator for diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders		37,095		37,220		39,853
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	3.59	$	(11.80)	$	1.53
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	3.56	$	(11.80)	$	1.53

Options to purchase 16,667 shares of common stock in both 2021 and 2019 and 22,667 shares of common stock in 2020, were not included in the denominator for diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders because the effect would be antidilutive.  Due to the Company’s net loss attributable to Caleres, Inc. in 2020, 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 661,265, 2,902,122 and 1,704,240 shares at a cost of $17.0 million, $23.3 million and $33.4 million during the years ended January 29, 2022, January 30, 2021 and February 1, 2020, respectively, under the 2011, 2018 and 2019 publicly announced share repurchase programs. The 2011 and 2018 repurchase programs permit repurchases of up to 2.5 million shares and the 2019 repurchase program permits repurchases of up to 5.0 million shares, as further discussed in Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.