Earnings Per Share

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows:


	Year Ended December 31,
	2023		2022		2021
	(Amounts in thousands, except per share data)
Net earnings of Flowserve Corporation	$	186,743	$	188,689	$	125,949
Dividends on restricted shares not expected to vest	—		—		—
Earnings attributable to common and participating shareholders	$	186,743	$	188,689	$	125,949
Weighted average shares:
Common stock	131,074		130,591		130,277
Participating securities	43		39		28
Denominator for basic earnings per common share	131,117		130,630		130,305
Effect of potentially dilutive securities	814		685		552
Denominator for diluted earnings per common share	131,931		131,315		130,857
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic	$	1.42	$	1.44	$	0.97
Diluted	1.42		1.44		0.96

Diluted earnings per share is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options, restricted shares, restricted share units and performance share units.

For the years ended December 31, 2023, 2022 and 2021, unvested restricted shares of 118,781, 118,334 and 156,578, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.