Earnings Per Share

3 Months Ended

Nov. 30, 2016

Our outstanding shares consist of Apollo Class A and Class B common stock. Our Articles of Incorporation treat the declaration of dividends on the Class A and Class B common stock in an identical manner. As such, both the Class A and Class B common stock are included in the calculation of our earnings per share.

Diluted weighted average shares outstanding includes the incremental effect of shares that would be issued upon the assumed exercise of stock options and the vesting and release of restricted stock units and performance share awards. The components of basic and diluted earnings per share are as follows:



	Three Months Ended November 30,
(In thousands, except per share data)	2016		2015
Numerator:
Net income (loss) attributable to Apollo (basic and diluted)	$	4,070	$	(60,765	)
Denominator:
Basic weighted average shares outstanding	109,724		108,446
Dilutive effect of restricted stock units and performance share awards⁽¹⁾	462		—
Dilutive effect of stock options⁽¹⁾	—		—
Diluted weighted average shares outstanding	110,186		108,446
Basic income (loss) per share attributable to Apollo	$	0.04	$	(0.56	)
Diluted income (loss) per share attributable to Apollo	$	0.04	$	(0.56	)

Anti-dilutive securities excluded from diluted income (loss) per share:
Anti-dilutive restricted stock units and performance share awards⁽¹⁾	1,962		4,385
Anti-dilutive stock options⁽¹⁾	3,055		3,716

⁽¹⁾ Due to the loss from continuing operations attributable to Apollo during the three months ended November 30, 2015, no dilutive share-based awards were included in the calculation of diluted loss per share because they would have been anti-dilutive.