NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

The calculations of basic and diluted earnings per share from continuing operations for the three and nine months ended May 31, 2018 and 2017 were as follows:



	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands, except share data)	2018		2017		2018		2017
Earnings from continuing operations	$	42,325	$	31,567	$	83,977	$	60,245

Basic earnings per share:
Shares outstanding for basic earnings per share	117,111,799		115,886,372		116,722,504		115,574,289

Basic earnings per share from continuing operations	$	0.36	$	0.27	$	0.72	$	0.52

Diluted earnings per share:
Shares outstanding for basic earnings per share	117,111,799		115,886,372		116,722,504		115,574,289
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,142,992		1,318,997		1,328,360		1,513,052
Shares outstanding for diluted earnings per share	118,254,791		117,205,369		118,050,864		117,087,341

Diluted earnings per share from continuing operations	$	0.36	$	0.27	$	0.71	$	0.51

CMC had 26,886 shares that were anti-dilutive for the three months ended May 31, 2018. There are no anti-dilutive shares for the other periods presented.

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 common stock. During the nine months ended May 31, 2018 and 2017, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million shares of common stock at May 31, 2018.