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Earnings Per Share

9 Months Ended

Nov. 02, 2024

Earnings Per Share

Earnings Per Share

Note 4 Earnings Per Share

The Company uses the two-class method to compute basic and diluted earnings per common share attributable to Caleres, Inc. shareholders. In periods of net loss, no effect is given to the Company’s participating securities since they do not contractually participate in the losses of

the Company. The following table sets forth the computation of basic and diluted earnings per common share attributable to Caleres, Inc. shareholders for the periods ended November 2, 2024 and October 28, 2023:


		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
($ thousands, except per share amounts)		November 2, 2024			October 28, 2023			November 2, 2024			October 28, 2023

NUMERATOR
Net earnings		$	41,119		$	47,015		$	102,190		$	116,172
Net loss (earnings) attributable to noncontrolling interests			308			(101)			135			(588)
Net earnings attributable to Caleres, Inc.		$	41,427		$	46,914		$	102,325		$	115,584
Net earnings allocated to participating securities			(1,417)			(2,121)			(3,721)			(5,103)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	40,010		$	44,793		$	98,604		$	110,481

DENOMINATOR
Denominator for basic earnings per common share attributable to Caleres, Inc. shareholders			33,435			33,933			33,704			34,206
Dilutive effect of share-based awards			106			—			106			—
Denominator for diluted earnings per common share attributable to Caleres, Inc. shareholders			33,541			33,933			33,810			34,206

Basic earnings per common share attributable to Caleres, Inc. shareholders		$	1.20		$	1.32		$	2.93		$	3.23

Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	1.19		$	1.32		$	2.92		$	3.23

As further discussed in Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, the Company has a publicly announced share repurchase program. The Company repurchased 1,522,324 and 1,938,324 shares under this program during the thirteen and thirty-nine weeks ended November 2, 2024, respectively. The Company did not repurchase any shares under the program during the thirteen weeks ended October 28, 2023 and repurchased 763,000 shares during thirty-nine weeks ended October 28, 2023.

Under the provisions of the Inflation Reduction Act of 2022 (“Inflation Reduction Act”), a 1% excise tax is imposed on repurchases of common stock beginning on January 1, 2023. Excise taxes incurred on share repurchases are incremental costs to purchase the stock, and accordingly, are included in the total cost basis of the common stock acquired and reflected as a reduction of shareholders’ equity within retained earnings in the condensed consolidated statements of shareholders’ equity. Excise taxes of $0.5 million are due on the Company’s share repurchases during the thirty-nine weeks ended November 2, 2024. An immaterial amount of excise taxes were due on share repurchases during the thirty-nine weeks ended October 28, 2023.