NOTE 15. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

The calculations of basic and diluted earnings per share from continuing operations for the three months ended November 30, 2018 and 2017 were as follows:



	Three Months Ended November 30,
(in thousands, except share data)	2018		2017
Earnings from continuing operations	$	19,420	$	31,871
Basic earnings per share:
Shares outstanding for basic earnings per share	117,387,038		116,243,545
Basic earnings per share from continuing operations	$	0.17	$	0.27
Diluted earnings per share:
Shares outstanding for basic earnings per share	117,387,038		116,243,545
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,295,435		1,614,366
Shares outstanding for diluted earnings per share	118,682,473		117,857,911
Diluted earnings per share from continuing operations	$	0.16	$	0.27

There are no anti-dilutive shares for the 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. The timing and the amount of repurchases, if any, are determined by management based on an evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require the Company to purchase any dollar amount or number of shares of common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the three months ended November 30, 2018, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of shares of common stock at November 30, 2018.