EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY

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 FASB has issued guidance requiring unvested share-based payment awards containing nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) be considered participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock unit awards discussed in Note 3 qualify as participating securities under this guidance. However, the unvested restricted stock unit awards do not materially impact the calculation of basic or diluted earnings per share; therefore, the Company does not present the two-class method computation. The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share.



	Quarter Ended				Six Months Ended
	June 1, 2013		June 2, 2012		June 1, 2013		June 2, 2012
Weighted average number of shares outstanding - Basic	49,826,567		50,378,164		49,830,634		50,394,680
Dilutive effect of stock-based arrangements	602,308		602,183		588,536		642,686
Weighted average number of shares outstanding - Diluted	50,428,875		50,980,347		50,419,170		51,037,366

Net earnings attributable to CLARCOR Inc.	$	33,051	$	32,927	$	56,513	$	56,406

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.66	$	0.65	$	1.13	$	1.12
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.66	$	0.65	$	1.12	$	1.11

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



	Quarter Ended				Six Months Ended
	June 1, 2013		June 2, 2012		June 1, 2013		June 2, 2012
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	—		510,850		249,019		510,850
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	11,400	$	7,748	$	17,364	$	11,383
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	224,100		157,500		346,100		227,500

At June 1, 2013, there remained $149,722 authorized for future purchases under the Company’s $250,000 stock repurchase program.