2. Earnings Per Share and Dividends

a. Earnings Per Share

The Company calculates its basic earnings per share by dividing net income attributable to Jabil Circuit, Inc. by the weighted average number of common shares and participating securities, to the extent applicable, outstanding during the period. In periods of a net loss, participating securities are not included in the basic loss per share calculation as such participating securities are not contractually obligated to fund losses. The Company’s diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities. To the extent these securities are anti-dilutive, they are excluded from the calculation of diluted earnings per share. The following table sets forth the calculations of basic and diluted earnings per share attributable to the stockholders of Jabil Circuit, Inc. (in thousands, except earnings per share data):


	Three months ended				Nine months ended
	May 31, 2012		May 31, 2011		May 31, 2012		May 31, 2011
Numerator:
Net income attributable to Jabil Circuit, Inc.	$	101,320	$	104,695	$	311,890	$	266,775

Denominator for basic and diluted earnings per share:
Weighted-average common shares outstanding		206,298		213,862		206,326		212,876
Share-based payment awards classified as participating securities		—		1,843		—		2,216

Denominator for basic earnings per share		206,298		215,705		206,326		215,092

Dilutive common shares issuable under the employee stock purchase plan and upon exercise of stock options and stock appreciation rights		363		806		347		869
Dilutive unvested restricted stock awards		4,880		5,826		5,076		4,812

Denominator for diluted earnings per share		211,541		222,337		211,749		220,773

Earnings per share:
Income attributable to the stockholders of Jabil Circuit, Inc.:
Basic	$	0.49	$	0.49	$	1.51	$	1.24

Diluted	$	0.48	$	0.47	$	1.47	$	1.21

For the three months and nine months ended May 31, 2012 options to purchase 3,760,307 and 3,764,827 shares of common stock and 3,322,518 and 4,962,489 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the three months and nine months ended May 31, 2011 options to purchase 4,107,337 and 4,120,993 shares of common stock and 5,288,984 and 5,360,899 stock appreciation rights, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.

b. Dividends

The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders of the Company during the nine months ended May 31, 2012 and 2011:


	Dividend Declaration Date	Dividend per Share		Total Cash Dividends Declared		Date of Record for Dividend Payment	Dividend Cash Payment Date
		(in thousands, except for per share data)
Fiscal year 2012:	October 20, 2011	$	0.08	$	17,379	November 15, 2011	December 1, 2011
	January 25, 2012	$	0.08	$	17,323	February 16, 2012	March 1, 2012
	April 19, 2012	$	0.08	$	17,281	May 15, 2012	June 1, 2012

Fiscal year 2011:	October 21, 2010	$	0.07	$	15,563	November 15, 2010	December 1, 2010
	January 19, 2011	$	0.07	$	15,634	February 15, 2011	March 1, 2011
	April 13, 2011	$	0.07	$	15,647	May 16, 2011	June 1, 2011