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 O 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 denominators utilized in the calculation of basic and diluted earnings per share:



	2016		2015		2014
Weighted average number of shares outstanding	48,690,560		49,981,118		50,405,549
Dilutive effect of stock-based arrangements	369,198		448,336		465,700
Weighted average number of diluted shares outstanding	49,059,758		50,429,454		50,871,249

Net earnings attributable to CLARCOR Inc.	$	139,266	$	134,704	$	144,084

Net earnings per common share attributable to CLARCOR Inc. - Basic	$	2.86	$	2.70	$	2.86
Net earnings per common share attributable to CLARCOR Inc. - Diluted	$	2.84	$	2.67	$	2.83

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



	2016		2015		2014
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	728,352		733,413		441,033
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	73,901	$	70,777	$	32,822
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	1,385,401		1,331,941		535,703

On June 27, 2016, upon the expiry of the previous three-year repurchase program, the Company’s Board of Directors authorized a $250 million stock repurchase program of our common stock in the open market and through private transactions over a three-year period. Pursuant to the new authorization, the Company may purchase shares from time to time in the open market or through privately negotiated transactions through June 30, 2019. The Company has no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on the Company’s stock price, general economic and market conditions and other factors (including the pending Parker-Hannifin transaction and the restrictions set forth in the Parker-Hannifin merger agreement). The Company had remaining authorization of approximately $219,338 to repurchase shares as of November 30, 2016, under its current stock program.