Earnings Per Share

3 Months Ended

Mar. 31, 2022

10.	EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021:

(In thousands, except per share amounts)	Three Months Ended March 31
	2022		2021
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	44,809	$	40,611
Weighted-average number of common shares outstanding		22,896		22,974
Basic earnings per share	$	1.96	$	1.77

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	44,809	$	40,611
Weighted-average number of shares outstanding		22,896		22,974
Add weighted-average net shares from assumed exercise of options (under treasury stock method) ⁽¹⁾		99		140
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		—		1
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method) ⁽¹⁾		120		171
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		52		44
Weighted-average shares applicable to diluted earnings		23,167		23,330
Diluted earnings per share	$	1.93	$	1.74

(1)

364,350 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, 2022. Inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share. No options/SARs to acquire shares of Company common stock were excluded from the computations of diluted earnings per share for the three months ended March 31, 2021.