Earnings Per Share

6 Months Ended

Jun. 30, 2020

10.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2020 and 2019:

(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2020		2019		2020		2019
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	35,707	$	30,218	$	63,252	$	55,202
Weighted-average number of common shares outstanding		22,923		23,086		22,973		23,092
Basic earnings per share	$	1.56	$	1.31	$	2.75	$	2.39

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	35,707	$	30,218	$	63,252	$	55,202
Weighted-average number of shares outstanding		22,923		23,086		22,973		23,092
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		100		90		101		91
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		1		2		1		2
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		125		118		127		113
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		35		33		33		31
Weighted-average shares applicable to diluted earnings		23,184		23,329		23,235		23,329
Diluted earnings per share	$	1.54	$	1.30	$	2.72	$	2.37

⁽¹⁾ Options/SARs to acquire 253,448 and 254,868 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2020, respectively. Options/SARs to acquire 215,257 and 214,749 shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2019, respectively. Inclusion of the instruments would have had antidilutive effects on the computations of the earnings per share.