Earnings per share

9 Months Ended

Sep. 30, 2025

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units were vested and issued and stock options were exercised. In periods of net losses, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Numerator:


Net income attributable to Stewart (in $'000)	44,259	30,096	79,258	50,569

Denominator (in '000):
Basic average shares outstanding	28,004	27,688	27,922	27,592
Average number of dilutive shares relating to options	201	243	193	217
Average number of dilutive shares relating to restricted units	286	269	271	260
Diluted average shares outstanding	28,491	28,200	28,386	28,069

Basic earnings per share attributable to Stewart ($)	1.58	1.09	2.84	1.83

Diluted earnings per share attributable to Stewart ($)	1.55	1.07	2.79	1.80