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				Nine Months Ended
	August 31, 2013		September 1, 2012		August 31, 2013		September 1, 2012
Weighted average number of shares outstanding - Basic	50,092,548		50,283,340		49,917,939		50,357,567
Dilutive effect of stock-based arrangements	512,261		580,554		563,110		621,975
Weighted average number of shares outstanding - Diluted	50,604,809		50,863,894		50,481,049		50,979,542

Net earnings attributable to CLARCOR Inc.	$	28,707	$	30,270	$	85,220	$	86,676

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.57	$	0.60	$	1.71	$	1.72
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.57	$	0.60	$	1.69	$	1.70

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



	Quarter Ended				Nine Months Ended
	August 31, 2013		September 1, 2012		August 31, 2013		September 1, 2012
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	2,500		508,350		166,846		509,600
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	6,785	$	5,341	$	24,149	$	16,724
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	124,000		110,300		470,100		337,800

At August 31, 2013, there remained $244,841 authorized for future purchases under the Company’s $250,000 stock repurchase program that was approved by the Company's Board of Directors on June 25, 2013.