Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows:


	Year Ended December 31,
	2021		2020		2019
	(Amounts in thousands, except per share data)
Net earnings of Flowserve Corporation	$	125,949	$	130,420	$	238,828
Dividends on restricted shares not expected to vest	—		—		—
Earnings attributable to common and participating shareholders	$	125,949	$	130,420	$	238,828
Weighted average shares:
Common stock	130,277		130,373		131,012
Participating securities	28		22		22
Denominator for basic earnings per common share	130,305		130,395		131,034
Effect of potentially dilutive securities	552		655		685
Denominator for diluted earnings per common share	130,857		131,050		131,719
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic	$	0.97	$	1.00	$	1.82
Diluted	0.96		1.00		1.81

Diluted earnings per share is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options, restricted shares, restricted share units and performance share units.

For the years ended December 31, 2021, 2020 and 2019, unvested restricted shares of 156,578, 375,203 and 140,459, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.