($ 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