Note 3 – Earnings Per Share and Shareholders’ Equity

Basic earnings per share is computed on the basis of the weighted average number of shares outstanding during the year. Diluted earnings per share includes the dilutive effect of stock options and restricted stock units. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 274,950 and 194,900 in the first fiscal quarter of 2015 and 2014, respectively. Shares used for calculating earnings per share are disclosed in the following table.

In Thousands	Three Months Ended
	January 30,		January 31,
	2015		2014
Shares used for basic earnings per share		31,608		31,608
Shares used for diluted earnings per share		32,154		32,230

The authorized capital stock of the Company consists of 25,000 shares of preferred stock ($100 par value), 475,000 shares of serial preferred stock ($1.00 par value), each issuable in series, and 60,000,000 shares of common stock ($.20 par value). At the end of fiscal 2014, there were no shares of preferred stock or serial preferred stock outstanding.

On June 19, 2014, the Company’s board of directors approved a $200 million share repurchase program. Under the program, the Company is authorized to repurchase up to $200 million of outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. Repurchases may be made in the open market or through private transactions, in accordance with SEC requirements. The Company may enter into a Rule 10(b)5-1 plan designed to facilitate the repurchase of all or a portion of the repurchase amount. The program does not require the Company to acquire a specific number of shares. Common stock repurchased can be reissued, and accordingly, the Company accounts for repurchased stock under the cost method of accounting.

During the three months ended January 30, 2015, the Company repurchased 849,648 shares under this program at an average price paid per share of $109.02, for an aggregate purchase price of $92.6 million.

Changes in outstanding common shares are summarized as follows:

	January 30,		October 31,
	2015		2014

Shares Issued:
Balance, beginning of year		32,123,717		31,441,949
Shares issued under share-based compensation plans		103,534		681,768
Balance, end of current period		32,227,251		32,123,717

Treasury Stock:
Balance, beginning of year		269,228		-
Shares purchased		849,648		269,228
Balance, end of current period		1,118,876		269,228

Shares outstanding, end of period		31,108,375		31,854,489

The components of Accumulated Other Comprehensive Gain (Loss):

In Thousands	January 30,			October 31,
	2015			2014

Unrealized gain (loss) on derivative contracts	$	(35,768	)	$	(14,179	)
Tax effect		9,715			3,890
		(26,053	)		(10,289	)

Pension and post-retirement obligations		(80,285	)		(90,225	)
Tax effect		26,820			30,072
		(53,465	)		(60,153	)

Currency translation adjustment		(200,564	)		(61,135	)
Accumulated other comprehensive gain (loss)	$	(280,082	)	$	(131,577	)