($ 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