STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

6 Months Ended

Feb. 29, 2016

Stockholder's equity and earnings per share attributable to CMC

NOTE 13. STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

The calculations of basic and diluted earnings per share from continuing operations for the three and six months ended February 29, 2016 and February 28, 2015 were as follows:



	Three Months Ended				Six Months Ended
(in thousands, except share data)	February 29, 2016		February 28, 2015		February 29, 2016		February 28, 2015
Earnings from continuing operations attributable to CMC	$	10,849	$	13,465	$	36,482	$	47,730

Basic earnings per share:
Shares outstanding for basic earnings per share	115,429,550		116,688,162		115,725,896		117,244,406

Basic earnings per share from continuing operations attributable to CMC	$	0.09	$	0.12	$	0.32	$	0.41

Diluted earnings per share:
Shares outstanding for basic earnings per share	115,429,550		116,688,162		115,725,896		117,244,406

Effect of dilutive securities:
Stock-based incentive/purchase plans	1,078,041		995,314		1,276,926		1,151,438
Shares outstanding for diluted earnings per share	116,507,591		117,683,476		117,002,822		118,395,844

Diluted earnings per share from continuing operations attributable to CMC	$	0.09	$	0.11	$	0.31	$	0.40

Anti-dilutive shares not included above	714,342		854,703		714,342		623,042

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.

During the first quarter of fiscal 2015, CMC's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100.0 million of shares of CMC 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. During the three and six months ended February 29, 2016, the Company purchased 1,938,983 and 2,255,069 shares of CMC common stock, respectively, at an average purchase price of $13.43 and $13.57 per share, respectively. During the three and six months ended February 28, 2015, the Company purchased 2,202,342 and 2,762,835 shares of CMC common stock, respectively, at an average purchase price of $13.73 and $14.33 per share, respectively. The Company had remaining authorization to purchase $27.6 million of common stock at February 29, 2016 pursuant to its share repurchase program.