EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY

Diluted earnings per share reflect the impact of outstanding stock options as if exercised during the periods presented using the treasury stock method. The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share.



	Quarter Ended				Nine Months Ended
	September 1, 2012		August 27, 2011		September 1, 2012		August 27, 2011
Weighted average number of shares outstanding - Basic	50,283,340		50,527,206		50,357,567		50,563,556
Dilutive effect of stock-based arrangements	580,554		673,035		621,975		693,065
Weighted average number of shares outstanding - Diluted	50,863,894		51,200,241		50,979,542		51,256,621

Net earnings attributable to CLARCOR Inc.	$	30,270	$	32,070	$	86,676	$	86,759

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.60	$	0.63	$	1.72	$	1.72
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.60	$	0.63	$	1.70	$	1.69

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



	Quarter Ended				Nine Months Ended
	September 1, 2012		August 27, 2011		September 1, 2012		August 27, 2011
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	508,350		60,000		509,600		60,000
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	5,341	$	9,312	$	16,724	$	18,204
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	110,300		222,051		337,800		427,051

As of September 1, 2012, there was approximately $187,682 available under the Company’s $250,000 stock repurchase program for future purchases.