EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 is as follows:


	Three Months Ended
	March 31, 2023				March 31, 2022
	Diluted		Basic		Diluted		Basic
Consolidated operations
Income available to common stockholders	$	54,764	$	54,764	$	62,423	$	62,423

Average equivalent shares
Shares of common stock	65,372		65,372		65,543		65,543
Effect of dilutive stock-based compensation
Stock options	906		—		1,193		—
Restricted stock	457		—		410		—
Total average equivalent shares	66,735		65,372		67,146		65,543
Net income per share	$	0.82	$	0.84	$	0.93	$	0.95