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 370,050 and 170,300 in the third 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				Nine Months Ended
	July 31,		August 1,		July 31,		August 1,
	2015		2014		2015		2014

Shares used for basic earnings per share		30,397		31,995		31,003		31,818
Shares used for diluted earnings per share		30,914		32,591		31,531		32,427

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). As of July 31, 2015, and October 31, 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. In March 2015, the Company’s board of directors approved an additional $200 million for the share repurchase program. Under the program, the Company is authorized to repurchase up to $400 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 nine months ended July 31, 2015, the Company repurchased 2,562,122 shares under this program at an average price paid per share of $101.29, for an aggregate purchase price of $259.5 million.

Changes in issued and outstanding common shares are summarized as follows:

	July 31,		October 31,
	2015		2014
Shares Issued:
Balance, beginning of year		32,123,717		31,441,949
Shares issued under share-based compensation plans		241,632		681,768
Balance, end of current period		32,365,349		32,123,717

Treasury Stock:
Balance, beginning of year		269,228		-
Shares purchased		2,562,122		269,228
Balance, end of current period		2,831,350		269,228

Shares outstanding, end of period		29,533,999		31,854,489

The components of Accumulated Other Comprehensive Gain (Loss):

In Thousands	July 31,			October 31,
	2015			2014

Unrealized gain (loss) on derivative contracts	$	(27,050	)	$	(14,179	)
Tax effect		7,317			3,890
		(19,733	)		(10,289	)

Pension and post-retirement obligations		(77,644	)		(90,225	)
Tax effect		25,941			30,072
		(51,703	)		(60,153	)

Currency translation adjustment		(224,399	)		(61,135	)
Accumulated other comprehensive gain (loss)	$	(295,835	)	$	(131,577	)