Earnings Per Share

6 Months Ended

Jul. 30, 2022

Earnings Per Share

Earnings Per Share

Note 4    Earnings 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 earnings per common share attributable to Caleres, Inc. shareholders for the periods ended July 30, 2022 and July 31, 2021:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
($ thousands, except per share amounts)	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
NUMERATOR
Net earnings	$	51,553	$	38,152	$	101,538	$	44,536
Net (earnings) loss attributable to noncontrolling interests		(375)		(756)		149		(993)
Net earnings attributable to Caleres, Inc.	$	51,178	$	37,396	$	101,687	$	43,543
Net earnings allocated to participating securities		(2,226)		(1,360)		(4,216)		(1,575)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	48,952	$	36,036	$	97,471	$	41,968
DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders		35,031		36,880		35,620		36,794
Dilutive effect of share-based awards		467		267		467		212
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders		35,498		37,147		36,087		37,006
Basic earnings per common share attributable to Caleres, Inc. shareholders	$	1.40	$	0.98	$	2.74	$	1.14
Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	1.38	$	0.97	$	2.70	$	1.13

Options to purchase 16,667 shares of common stock for both the thirteen and twenty-six weeks ended July 30, 2022 and July 31, 2021 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive.  

During the thirteen and twenty-six weeks ended July 30, 2022, the Company repurchased 1,083,496 and 1,784,820 shares, respectively, under the 2019 and 2022 publicly announced share repurchase programs, which permit repurchases of up to 5.0 million and 7.0 million shares, respectively.  The Company did not repurchase any shares under the share repurchase programs during the twenty-six weeks ended July 31, 2021.  Refer to further discussion in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds.  Subsequent to quarter-end, the Company has repurchased approximately 538,000 shares of shares at an aggregate price of $13.9 million, bringing our fiscal year-to-date total to approximately 2.3 million shares at an aggregate price of $55.6 million.