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 13 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 27, 2016		August 29, 2015		August 27, 2016		August 29, 2015
Weighted average number of shares outstanding - Basic	48,653,220		50,099,852		48,723,459		50,188,327
Dilutive effect of stock-based arrangements	401,827		425,197		379,752		513,163
Weighted average number of shares outstanding - Diluted	49,055,047		50,525,049		49,103,211		50,701,490

Net earnings attributable to CLARCOR Inc.	$	35,749	$	36,445	$	110,266	$	101,651

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.73	$	0.73	$	2.26	$	2.03
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.73	$	0.72	$	2.25	$	2.00

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



	Quarter Ended				Nine Months Ended
	August 27, 2016		August 29, 2015		August 27, 2016		August 29, 2015
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	296,500		730,150		728,352		730,150
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	27,191	$	14,086	$	65,402	$	30,196
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	455,797		233,000		1,253,401		481,000

At August 27, 2016, there remained $227,838 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 27, 2016.