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 30, 2014		August 31, 2013		August 30, 2014		August 31, 2013
Weighted average number of shares outstanding - Basic	50,395,007		50,092,548		50,457,436		49,917,939
Dilutive effect of stock-based arrangements	486,587		512,261		459,584		563,110
Weighted average number of shares outstanding - Diluted	50,881,594		50,604,809		50,917,020		50,481,049

Net earnings attributable to CLARCOR Inc.	$	41,703	$	28,707	$	100,576	$	85,220

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.83	$	0.57	$	1.99	$	1.71
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.82	$	0.57	$	1.98	$	1.69

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



	Quarter Ended				Nine Months Ended
	August 30, 2014		August 31, 2013		August 30, 2014		August 31, 2013
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	431,450		2,500		441,003		166,846
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	21,959	$	6,785	$	21,959	$	24,149
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	362,502		124,000		362,502		470,100

At August 30, 2014, there remained $219,322 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.