EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY

The Company calculates basic earnings per share by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflects the impact of outstanding stock options, restricted stock and other stock-based arrangements. The FASB has issued guidance requiring unvested share-based payment awards containing nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) be considered participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock unit awards discussed in Note M qualify as participating securities under this guidance. However, the unvested restricted stock unit awards do not materially impact the calculation of basic or diluted earnings per share; therefore, the Company does not present the two-class method computation.

The following table provides a reconciliation of the denominators utilized in the calculation of basic and diluted earnings per share:



	2013		2012		2011
Weighted average number of shares outstanding	49,988,577		50,285,480		50,501,842
Dilutive effect of stock-based arrangements	550,370		596,711		689,593
Weighted average number of diluted shares outstanding	50,538,947		50,882,191		51,191,435

Net earnings attributable to CLARCOR Inc.	$	118,076	$	122,986	$	124,003

Net earnings per common share attributable to CLARCOR Inc. - Basic	$	2.36	$	2.45	$	2.46
Net earnings per common share attributable to CLARCOR Inc. - Diluted	$	2.34	$	2.42	$	2.42

The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity.



	2013		2012		2011
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	125,135		508,167		60,000
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	27,708	$	37,320	$	29,317
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	534,100		792,881		683,776

On June 25, 2013, the Company’s Board of Directors approved a three-year, $250,000 stock repurchase program. Pursuant to the authorization, the Company may purchase shares from time to time in the open market or through privately negotiated transactions through June 25, 2016. The Company has no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on the Company’s stock price and market conditions. At November 30, 2013, there remained $241,282 authorized for future purchases under the program.