9.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016:

(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2017		2016		2017		2016
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	27,882	$	28,496	$	59,795	$	56,412
Weighted-average number of common shares outstanding		22,953		22,760		22,927		22,746
Basic earnings per share	$	1.21	$	1.25	$	2.61	$	2.48

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	27,882	$	28,496	$	59,795	$	56,412
Weighted-average number of shares outstanding		22,953		22,760		22,927		22,746
Add weighted-average net shares issuable from assumed exercise of options (under treasury stock method)⁽¹⁾		172		159		177		146
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		8		6		8		5
Add weighted-average net shares from assumed exercise of SARS (under treasury stock method) ⁽¹⁾		143		41		143		20
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		105		38		101		33
Weighted-average shares applicable to diluted earnings		23,381		23,004		23,356		22,950
Diluted earnings per share	$	1.19	$	1.24	$	2.56	$	2.46

⁽¹⁾

Options/SARs to acquire 37,261 shares of Company common stock were excluded from the computations of diluted earnings per share for the six months ended June 30, 2017. Options/SARs to acquire 85,243 and 87,430 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2016, respectively. Inclusion of the instruments would have had antidilutive effects on the computations of earnings per share.