EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2016

The following table provides a reconciliation between Basic and Diluted earnings per share (EPS):



	Basic EPS		Dilutive Effect of Stock Options		Diluted EPS
2016:
Net earnings attributable to Valmont Industries, Inc.	$	173,232	$	—	$	173,232
Weighted average shares outstanding (000's)	22,562		147		22,709
Per share amount	$	7.68	$	0.05	$	7.63
2015:
Net earnings attributable to Valmont Industries, Inc.	$	40,117	$	—	$	40,117
Weighted average shares outstanding (000's)	23,288		117		23,405
Per share amount	$	1.72	$	0.01	$	1.71
2014:
Net earnings attributable to Valmont Industries, Inc.	$	183,976	$	—	$	183,976
Weighted average shares outstanding (000's)	25,719		213		25,932
Per share amount	$	7.15	$	0.06	$	7.09

Basic and diluted net earnings and earnings per share in fiscal 2016 included a deferred income tax benefit of $30,590 ($1.35 per share) primarily attributable to the re-measurement of the deferred tax asset related to the Company's U.K. defined benefit pension plan. In addition, fiscal 2016 included $9,888 ($0.44 per share) recorded as a valuation allowance against a tax credit asset. Finally, fiscal 2016 included the reversal of a contingent liability that was recognized as part of the Delta purchase accounting of $16,591 ($0.73 per share) which was not taxable. Fiscal 2015 included impairments of goodwill and intangible assets of $40,140 after-tax ($1.72 per share), asset impairments arising from restructuring activities of $14,545 after-tax ($0.62 per share), and $13,622 of cash restructuring expenses ($0.58 per share). Fiscal 2014 included costs associated with refinancing of our long-term debt of $24,171 after tax ($0.93 per share).

Earnings per share are computed independently for each of the quarters. Therefore, the sum of the quarterly earnings per share may not equal the total for the year primarily due to the share buyback program that began in the second quarter of 2014.

At the end of fiscal years 2016, 2015, and 2014 there were approximately 197,303, 426,338, and 449,000 outstanding stock options, respectively, with exercise prices exceeding the market price of common stock that were excluded from the computation of diluted earnings per share, respectively.