EARNINGS (LOSS) PER SHARE

12 Months Ended

Jan. 28, 2023

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)	2022		2021		2020
NUMERATOR
Net earnings (loss)	$	179,695	$	138,163	$	(438,994)
Net loss (earnings) attributable to noncontrolling interests		2,047		(1,144)		(120)
Net earnings (loss) attributable to Caleres, Inc.	$	181,742	$	137,019	$	(439,114)
Net earnings allocated to participating securities		(7,716)		(4,982)		—
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities	$	174,026	$	132,037	$	(439,114)
DENOMINATOR
Denominator for basic earnings (loss) per common share attributable to Caleres, Inc. shareholders		34,930		36,741		37,220
Dilutive effect of share-based awards		475		354		—
Denominator for diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders		35,405		37,095		37,220
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	4.98	$	3.59	$	(11.80)
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	4.92	$	3.56	$	(11.80)

There were no outstanding options to purchase shares of common stock in 2022.  Options to purchase 16,667 shares of common stock in 2021 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 2,622,845, 661,265 and 2,902,122 shares at a cost of $63.2 million, $17.0 million and $23.3 million during the years ended January 28, 2023, January 29, 2022, and January 30, 2021, respectively, under the 2019 and 2022 publicly announced share repurchase programs. The 2019 repurchase program permits repurchases of up to 5.0 million shares and the 2022 repurchase program permits the repurchase of up to 7.0 million shares, as further discussed in Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.