Earnings Per Share

6 Months Ended

Jun. 30, 2021

10.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020:

(In thousands, except per share amounts)	Three Months Ended June 30				Six Months Ended June 30
	2021		2020		2021		2020
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	43,278	$	35,707	$	83,889	$	63,252
Weighted-average number of common shares outstanding		22,952		22,923		22,963		22,973
Basic earnings per share	$	1.89	$	1.56	$	3.65	$	2.75

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	43,278	$	35,707	$	83,889	$	63,252
Weighted-average number of shares outstanding		22,952		22,923		22,963		22,973
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		152		100		146		101
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		1		1		1		1
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		190		125		181		127
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		50		35		47		33
Weighted-average shares applicable to diluted earnings		23,345		23,184		23,338		23,235
Diluted earnings per share	$	1.85	$	1.54	3.59		$	2.72

(1) No options/SARs to acquire shares of Company common stock were excluded from the computations of diluted earnings per share for the three and six months ended June 30, 2021, respectively. 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. Inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share.