Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

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:


	Three Months Ended March 31,
(Amounts in thousands, except per share data)	2023		2022
Net earnings of Flowserve Corporation	$	26,766	$	(15,820)
Dividends on restricted shares not expected to vest	—		—
Earnings attributable to common and participating shareholders	$	26,766	$	(15,820)
Weighted average shares:
Common stock	130,886		130,410
Participating securities	44		—
Denominator for basic earnings per common share	130,930		130,410
Effect of potentially dilutive securities	824		—
Denominator for diluted earnings per common share	131,754		130,410
Earnings per common share:
Basic	$	0.20	$	(0.12)
Diluted	0.20		(0.12)

Diluted earnings per share above 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 and Restricted Shares. As a result of the net loss for the

three months ended March 31, 2022, we excluded 641,188 of unvested Restricted Shares from the calculation of diluted earnings per share due to their anti-dilutive effect.