Earnings Per Share

6 Months Ended

Jun. 30, 2015

9.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014:

(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	16,914	$	24,353	$	38,184	$	37,371
Weighted-average number of common shares outstanding		22,742		22,763		22,731		22,768
Basic earnings per share	$	0.74	$	1.07	$	1.68	$	1.64

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	16,914	$	24,353	$	38,184	$	37,371
Weighted-average number of shares outstanding		22,742		22,763		22,731		22,768
Add weighted-average net shares issuable from assumed exercise of options (under treasury stock method)⁽¹⁾		127		158		116		170
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		2		10		3		10
Weighted-average shares applicable to diluted earnings		22,871		22,931		22,850		22,948
Diluted earnings per share	$	0.74	$	1.06	$	1.67	$	1.63

⁽¹⁾ Options to purchase 91,678 and 158,888 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2015, respectively. Options to purchase 103,382 and 75,511 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2014, respectively. The options’ exercise prices were greater than the average market price for the common stock and their effect would have been antidilutive.