EARNINGS PER SHARE

12 Months Ended

Feb. 03, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

3.   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:

($ thousands, except per share amounts)	2023		2022		2021
NUMERATOR
Net earnings	$	171,832	$	179,695	$	138,163
Net (earnings) loss attributable to noncontrolling interests		(441)		2,047		(1,144)
Net earnings attributable to Caleres, Inc.	$	171,391	$	181,742	$	137,019
Net earnings allocated to participating securities		(7,517)		(7,716)		(4,982)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities	$	163,874	$	174,026	$	132,037
DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders		34,142		34,930		36,741
Dilutive effect of share-based awards		10		475		354
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders		34,152		35,405		37,095
Basic earnings per common share attributable to Caleres, Inc. shareholders	$	4.80	$	4.98	$	3.59
Diluted earnings per common share attributable to Caleres, Inc. shareholders	$	4.80	$	4.92	$	3.56

There were no outstanding options to purchase shares of common stock in 2023 or 2022.  Options to purchase 16,667 shares of common stock in 2021 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be antidilutive.  

As further discussed in Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, the Company has two publicly announced share repurchase programs.  The Company repurchased 763,000, 2,622,845 and 661,265 shares at a cost of $17.4 million, $63.2 million and $17.0 million during the years ended February 3, 2024, January 28, 2023 and January 29, 2022, respectively, under these programs. No excise taxes were due on the Company’s share repurchases during 2023 under the provisions of the Inflation Reduction Act of 2022.