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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Computation of basic and diluted earnings per share

Below are the computations of basic and diluted earnings per share for the three months ended March 31, 2013 and 2012.


	Three Months Ended March 31
(In thousands, except per share amounts)	2013		2012
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	19,034	$	22,302
Deduct dividends on preferred stock		21		178

Income applicable to common stock	$	19,013	$	22,124
Weighted-average number of shares outstanding		22,464		21,022

Basic earnings per share	$	0.85	$	1.05

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	19,034	$	22,302
Weighted-average number of shares outstanding		22,464		21,022
Add weighted-average net shares issuable from assumed exercise of options (under treasury stock method) ⁽¹⁾		275		430
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		7		6
Add weighted-average shares issuable from assumed conversion of convertible preferred stock		141		1,184

Weighted-average shares applicable to diluted earnings		22,887		22,642

Diluted earnings per share	$	0.83	$	0.98

⁽¹⁾

Options to purchase 49,776 and 65,264 shares of Company common stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2013 and March 31, 2012, respectively. The options’ exercise prices were greater than the average market price for the common stock and their effect would have been antidilutive.