STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

3 Months Ended

Nov. 30, 2014

Earnings Per Share [Abstract]

Stockholder's equity and earnings per share attributable to CMC

NOTE 12. STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

The calculations of basic and diluted earnings per share from continuing operations for the three months ended November 30, 2014 and 2013 are as follows:

	Three Months Ended November 30,
(in thousands, except share data)	2014		2013
Earnings from continuing operations	$	38,334	$	33,700
Basic earnings per share:
Shares outstanding for basic earnings per share	117,818,170		117,070,499
Basic earnings per share attributable to CMC:	$	0.33	$	0.29
Diluted earnings per share:
Shares outstanding for basic earnings per share	117,818,170		117,070,499
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,091,448		1,086,112
Shares outstanding for diluted earnings per share	118,909,618		118,156,611
Diluted earnings per share attributable to CMC:	$	0.32	$	0.29
Anti-dilutive shares not included above	672,352		1,364,036

_______________________

CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.

On October 27, 2014, CMC's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100.0 million of CMC's outstanding common stock. This new program replaced the existing program, which was terminated by CMC's Board of Directors in connection with the approval of the new program. The Company purchased 560,493 shares of its outstanding common stock, at an average purchase price of $16.67 per share, during the first three months of fiscal 2015 and had remaining authorization to purchase $90.7 million of common stock at November 30, 2014 pursuant to its share repurchase program.