XML 32 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC
 9 Months Ended
May 31, 2017
Earnings Per Share [Abstract]  
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 nine months ended May 31, 2017 and May 31, 2016 were as follows: 
 
 
Three Months Ended May 31,
 
Nine Months Ended May 31,
(in thousands, except share data)
 
2017
 
2016
 
2017
 
2016
Earnings from continuing operations attributable to CMC
 
$
39,609

 
$
35,111

 
$
76,422

 
$
71,593

 
 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
 
       Shares outstanding for basic earnings per share
 
115,886,372

 
114,677,109

 
115,574,289

 
115,373,736

 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to CMC
 
$
0.34

 
$
0.31

 
$
0.66

 
$
0.62

 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
       Shares outstanding for basic earnings per share
 
115,886,372

 
114,677,109

 
115,574,289

 
115,373,736

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock-based incentive/purchase plans
 
1,318,997

 
1,318,406

 
1,513,052

 
1,384,980

Shares outstanding for diluted earnings per share
 
117,205,369

 
115,995,515

 
117,087,341

 
116,758,716

 
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC
 
$
0.34

 
$
0.30

 
$
0.65

 
$
0.61

 
 
 
 
 
 
 
 
 
Anti-dilutive shares not included above
 
—

 
295,107

 
—

 
295,107


  
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 nine months ended May 31, 2017 and three months ended May 31, 2016. During the nine months ended May 31, 2016, CMC purchased 2.3 million shares of CMC common stock at an average purchase price of $13.57 per share. CMC had remaining authorization to purchase $27.6 million of common stock at May 31, 2017.