Earnings Per Share

9 Months Ended

Oct. 28, 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 October 28, 2023 and October 29, 2022:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
($ thousands, except per share amounts)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
NUMERATOR
Net earnings	$	47,015	$	38,992	$	116,172	$	140,529
Net (earnings) loss attributable to noncontrolling interests		(101)		254		(588)		404
Net earnings attributable to Caleres, Inc.	$	46,914	$	39,246	$	115,584	$	140,933
Net earnings allocated to participating securities		(2,121)		(1,723)		(5,103)		(5,951)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	44,793	$	37,523	$	110,481	$	134,982
DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders		33,933		34,379		34,206		35,207
Dilutive effect of share-based awards		—		507		—		450
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders		33,933		34,886		34,206		35,657
Basic earnings per common share attributable to Caleres, Inc. shareholders	$	1.32	$	1.09	$	3.23	$	3.83
Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	1.32	$	1.08	$	3.23	$	3.79

There were no outstanding options to purchase shares of common stock for the thirty-nine weeks ended October 28, 2023.  Options to purchase 16,667 shares of common stock for both the thirteen and thirty-nine weeks ended October 29, 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.  

As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, the Company has two publicly announced share repurchase programs.  The Company did not repurchase any shares under these programs during the thirteen weeks ended October 28, 2023 and repurchased 763,000 shares during the thirty-nine weeks ended October 28, 2023.  During the thirteen and thirty-nine weeks ended October 29, 2022, the Company repurchased 838,025 and 2,622,845 shares, respectively, under the share repurchase programs.  No excise taxes were due on the Company’s share repurchases during the thirty-nine weeks ended October 28, 2023 under the provisions of the Inflation Reduction Act of 2022.