Earnings Per Share

3 Months Ended

Apr. 29, 2023

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 April 29, 2023 and April 30, 2022:

	Thirteen Weeks Ended
($ thousands, except per share amounts)	April 29, 2023		April 30, 2022
NUMERATOR
Net earnings	$	34,792	$	49,985
Net (earnings) loss attributable to noncontrolling interests		(65)		524
Net earnings attributable to Caleres, Inc.	$	34,727	$	50,509
Net earnings allocated to participating securities		(1,478)		(2,017)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	33,249	$	48,492
DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders		34,407		36,209
Dilutive effect of share-based awards		—		467
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders		34,407		36,676
Basic earnings per common share attributable to Caleres, Inc. shareholders	$	0.97	$	1.34
Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	0.97	$	1.32

There were no outstanding options to purchase shares of common stock for the thirteen weeks ended April 29, 2023.  Options to purchase 16,667 shares of common stock for the thirteen weeks ended April 30, 2022 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be anti-dilutive.  

The Company did not repurchase any shares under the share repurchase programs during the thirteen weeks ended April 29, 2023.  During the thirteen weeks ended April 30, 2022, the Company repurchased 701,324 shares under the 2019 publicly announced share repurchase program, which permits repurchases of up to 5.0 million shares.  Refer to further discussion in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds.