The following table sets forth the reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and nine-month periods ended February 28, 2019 and 2018. For the three and nine months ended February 28, 2019 and 2018, basic earnings per share were calculated using the two-class method. For the three and nine months ended February 28, 2019, diluted earnings per share was calculated using the treasury method. For the three months ended February 28, 2018, basic weighted-average shares outstanding and basic net income available to common shareholders and basic weighted average common shares were used in calculating diluted earnings per share under the two-class method, as that method resulted in the most-dilutive earnings per share. For the nine months ended February 28, 2018, diluted earnings per share was calculated using the two-class method.

	Three Months Ended						Nine Months Ended
	February 28,			February 28,			February 28,			February 28,
(In thousands, except per share amounts)	2019			2018			2019			2018
Numerator for earnings per share:
Net income attributable to RPM International Inc. stockholders	$	14,190		$	40,227		$	133,178		$	252,106
Less: Allocation of earnings and dividends to participating securities		(109	)		(530	)		(996	)		(3,373	)
Net income available to common shareholders - basic		14,081			39,697			132,182			248,733
Add: Undistributed earnings reallocated to unvested shareholders											7
Add: Allocation of earnings and dividends to participating securities		109						996
Add: Income effect of contingently issuable shares											4,351
Net income available to common shareholders - diluted	$	14,190		$	39,697		$	133,178		$	253,091
Denominator for basic and diluted earnings per share:
Basic weighted average common shares		130,105			131,178			131,019			131,195
Average diluted options and awards		1,784						1,810			540
Additional shares issuable assuming conversion of convertible securities (1)											3,922
Total shares for diluted earnings per share (2)		131,889			131,178			132,829			135,657
Earnings Per Share of Common Stock Attributable to
RPM International Inc. Stockholders:
Basic Earnings Per Share of Common Stock	$	0.11		$	0.30		$	1.01		$	1.90
Diluted Earnings Per Share of Common Stock	$	0.11		$	0.30		$	1.00		$	1.87

(1)

Represents the number of shares that would have been issued if our contingently convertible notes had been converted. We included these shares in the calculation of diluted EPS as the conversion of the notes were eligible to be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock. On November 27, 2018, we redeemed all of our 2.25% convertible senior notes due 2020, primarily for cash, but also issued 598,601 shares of our common stock in the transaction.

(2)

Restricted shares totaling 429,750 and 323,000 for the three and nine months ended February 28, 2019, respectively, and restricted shares totaling 48,212 for the three and nine months ended February 28, 2018 were excluded from the calculation of diluted earnings per share because the grant price of the restricted shares exceeded the average market price of the shares during the period and their effect, accordingly, would have been anti-dilutive. In addition, stock appreciation rights (SARs) totaling 890,000 for the three and nine months ended February 28, 2019 and 600,000 for the three and nine months ended February 28, 2018, were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive.