EARNINGS PER SHARE AND TREASURY STOCK TRANSACTIONS

The Company calculates basic earnings per share by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflects the impact of outstanding stock options, restricted stock and other stock-based arrangements. The following table provides a reconciliation of the denominators utilized in the calculation of basic and diluted earnings per share:



	2011		2010		2009
Weighted average number of shares outstanding	50,501,842		50,678,617		50,851,933
Dilutive effect of stock-based arrangements	689,593		477,612		268,353
Weighted average number of diluted shares outstanding	51,191,435		51,156,229		51,120,286

Net earnings attributable to CLARCOR Inc.	$	124,003	$	96,081	$	71,543

Net earnings per common share attributable to CLARCOR Inc. - Basic	$	2.46	$	1.90	$	1.41
Net earnings per common share attributable to CLARCOR Inc. - Diluted	$	2.42	$	1.88	$	1.40

The following table provides additional information regarding the calculation of earnings per share and treasury stock transactions.



	2011		2010		2009
Number of antidilutive options with exercises prices greater than the average market price excluded from the computation of dilutive earnings per share	60,000		646,349		1,297,675
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	29,317	$	16,277	$	19,767
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	683,776		445,991		688,200

On June 22, 2010, the Company’s Board of Directors approved a three-year, $250,000 stock repurchase program. Pursuant to the authorization, the Company may purchase shares from time to time in the open market or through privately negotiated transactions through June 22, 2013. The Company has no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on the Company’s stock price and market conditions. At November 30, 2011, there was $204,406 available for future purchase under the program.