STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

6 Months Ended

Feb. 28, 2017

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 28, 2017 and February 29, 2016 were as follows:



	Three Months Ended				Six Months Ended
(in thousands, except share data)	February 28, 2017		February 29, 2016		February 28, 2017		February 29, 2016
Earnings from continuing operations attributable to CMC	$	29,639	$	10,849	$	36,813	$	36,482

Basic earnings per share:
Shares outstanding for basic earnings per share	115,736,369		115,429,550		115,415,662		115,725,896

Basic earnings per share attributable to CMC	$	0.25	$	0.09	$	0.32	$	0.32

Diluted earnings per share:
Shares outstanding for basic earnings per share	115,736,369		115,429,550		115,415,662		115,725,896
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,383,839		1,078,041		1,592,296		1,276,926
Shares outstanding for diluted earnings per share	117,120,208		116,507,591		117,007,958		117,002,822

Diluted earnings per share attributable to CMC	$	0.25	$	0.09	$	0.31	$	0.31

Anti-dilutive shares not included above	—		714,342		—		714,342

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 share repurchase program under which CMC may repurchase up to $100.0 million of shares of CMC common stock. CMC did not purchase any shares of CMC common stock during the three and six months ended February 28, 2017. During the three and six months ended February 29, 2016, CMC purchased 1.9 million and 2.3 million shares of CMC common stock, respectively, at an average purchase price of $13.43 and $13.57 per share, respectively. CMC had remaining authorization to purchase $27.6 million of common stock at February 28, 2017.