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 3 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 numerators and denominators utilized in the calculation of basic and diluted earnings per share.



	Quarter Ended				Six Months Ended
	May 31, 2014		June 1, 2013		May 31, 2014		June 1, 2013
Weighted average number of shares outstanding - Basic	50,513,588		49,826,567		50,488,651		49,830,634
Dilutive effect of stock-based arrangements	431,502		602,308		446,117		588,536
Weighted average number of shares outstanding - Diluted	50,945,090		50,428,875		50,934,768		50,419,170

Net earnings attributable to CLARCOR Inc.	$	34,552	$	33,051	$	58,873	$	56,513

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.68	$	0.66	$	1.17	$	1.13
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.68	$	0.66	$	1.16	$	1.12

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



	Quarter Ended				Six Months Ended
	May 31, 2014		June 1, 2013		May 31, 2014		June 1, 2013
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share	450,200		—		445,825		249,019
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	—	$	11,400	$	—	$	17,364
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	—		224,100		—		346,100

At May 31, 2014, there remained $241,282 authorized for future purchases under the Company’s $250,000 stock repurchase program that was approved by the Company's Board of Directors on June 25, 2013.