Note 4 - Earnings (Loss) Per Share

12 Months Ended

Feb. 01, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

4.    EARNINGS (LOSS) 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 (loss) per common share attributable to Caleres, Inc. shareholders:

(in $ thousands, except per share amounts)	2019			2018			2017
NUMERATOR
Net earnings (loss)	$	62,082		$	(5,481	)	$	87,231
Net loss (earnings) attributable to noncontrolling interests		737			40			(31	)
Net earnings (loss) attributable to Caleres, Inc.	$	62,819		$	(5,441	)	$	87,200
Net earnings allocated to participating securities		(1,988	)		—			(2,384	)
Net earnings (loss) attributable to Caleres, Inc. after allocation of earnings to participating securities	$	60,831		$	(5,441	)	$	84,816
DENOMINATOR
Denominator for basic earnings (loss) per common share attributable to Caleres, Inc. shareholders		39,796			41,756			41,801
Dilutive effect of share-based awards		57			—			179
Denominator for diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders		39,853			41,756			41,980
Basic earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.53		$	(0.13	)	$	2.03
Diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders	$	1.53		$	(0.13	)	$	2.02

Options to purchase 16,667 shares of common stock in 2019 and 2017 were not included in the denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders because the effect would be antidilutive.  There were no options to purchase shares excluded from the denominator in 2018.  Due to the Company's net loss attributable to Caleres, Inc. in 2018, 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 1,704,240, 1,465,649 and 225,000 shares at a cost of $33.4 million, $43.8 million and $6.0 million during the years ended February 1, 2020, February 2, 2019 and February 3, 2018, respectively, under the 2011 and 2018 publicly announced share repurchase programs.  The repurchase programs permit repurchases of up to 2.5 million shares in each program, as further discussed in Item 5, Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.