18. Earnings Per Share

Below is the computation of basic and diluted earnings per share for the years ended December 31, 2017, 2016 and 2015.

(In thousands, except per share amounts)	2017		2016		2015
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	91,578	$	86,191	$	75,968
Weighted-average number of shares outstanding		22,946		22,793		22,730
Basic earnings per share	$	3.99	$	3.78	$	3.34
Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	91,578	$	86,191	$	75,968
Weighted-average number of shares outstanding		22,946		22,793		22,730
Add weighted-average net shares from assumed exercise of options (under treasury share method) ^(a)		161		159		118
Add weighted-average net shares related to unvested stock awards (under treasury share method)		8		6		3
Add weighted-average net shares from assumed exercise of SARs (under treasury share method)		142		68		1
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury share method)		120		68		6
Weighted-average shares applicable to diluted earnings		23,377		23,094		22,858
Diluted earnings per share	$	3.92	$	3.73	$	3.32

(a)

Options to purchase 18,630, 43,715 and 124,531 shares of common stock were not included in the computations of diluted earnings per share for the years ended December 31, 2017, 2016 and 2015, respectively. The options’ exercise prices were greater than the average market price for the common stock and the effect of the options on earnings per share would have been antidilutive.