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 12 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 29, 2015		August 30, 2014		August 29, 2015		August 30, 2014
Weighted average number of shares outstanding - Basic	50,099,852		50,395,007		50,188,327		50,457,436
Dilutive effect of stock-based arrangements	425,197		486,587		513,163		459,584
Weighted average number of shares outstanding - Diluted	50,525,049		50,881,594		50,701,490		50,917,020

Net earnings attributable to CLARCOR Inc.	$	36,445	$	41,703	$	101,651	$	100,576

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.73	$	0.83	$	2.03	$	1.99
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.72	$	0.82	$	2.00	$	1.98

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



	Quarter Ended				Nine Months Ended
	August 29, 2015		August 30, 2014		August 29, 2015		August 30, 2014
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	730,150		431,450		730,150		441,003
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	14,086	$	21,959	$	30,196	$	21,959
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	233,000		362,502		481,000		362,502

At August 29, 2015, there remained $178,264 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.