Note 5    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 August 1, 2026 and August 2, 2025:

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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 no shares under this program during the thirteen weeks ended August 1, 2026 or August 2, 2025. The Company repurchased 250,000 and 300,000 shares under this program during the twenty-six weeks ended August 1, 2026 and August 2, 2025, respectively.  

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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. There were no excise taxes due on share repurchases during the twenty-six weeks ended August 1, 2026. An immaterial amount of excise taxes were due on share repurchases during the twenty-six weeks ended August 2, 2025.

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