Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Computations 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, 2021 and 2020:

(In thousands, except per share amounts)	Three Months Ended March 31
	2021		2020
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	40,611	$	27,545
Weighted-average number of common shares outstanding		22,974		23,023
Basic earnings per share	$	1.77	$	1.20

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	40,611	$	27,545
Weighted-average number of shares outstanding		22,974		23,023
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		140		102
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		1		1
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		171		128
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		44		31
Weighted-average shares applicable to diluted earnings		23,330		23,285
Diluted earnings per share	$	1.74	$	1.18

(1) No options/SARs to acquire shares of Company common stock were excluded from the computation of dilutive earnings per share for the three months ended March 31, 2021. Options/SARs to acquire 256,288 shares of Company common stock were excluded from the computations of diluted earnings per share for the three months ended March 31, 2020. Inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share.