Earnings Per Share

9 Months Ended

May 31, 2016

Our outstanding shares consist of Apollo Class A and Class B common stock. Our Articles of Incorporation treat the declaration of dividends on the Class A and Class B common stock in an identical manner. As such, both the Class A and Class B common stock are included in the calculation of our earnings per share.

Diluted weighted average shares outstanding includes the incremental effect of shares that would be issued upon the assumed exercise of stock options and the vesting and release of restricted stock units and performance share awards. The components of basic and diluted earnings per share are as follows:



	Three Months Ended May 31,				Nine Months Ended May 31,
(In thousands, except per share data)	2016		2015		2016			2015
Numerator:
Net income (loss) attributable to Apollo (basic and diluted)	$	20,744	$	48,064	$	(100,417	)	$	48,239
Denominator:
Basic weighted average shares outstanding	108,658		107,678		108,567			108,140
Dilutive effect of restricted stock units and performance share awards⁽¹⁾	786		828		—			818
Dilutive effect of stock options⁽¹⁾	—		117		—			166
Diluted weighted average shares outstanding	109,444		108,623		108,567			109,124
Basic income (loss) per share attributable to Apollo	$	0.19	$	0.45	$	(0.92	)	$	0.45
Diluted income (loss) per share attributable to Apollo	$	0.19	$	0.44	$	(0.92	)	$	0.44

Anti-dilutive securities excluded from diluted income (loss) per share:
Anti-dilutive restricted stock units and performance share awards⁽¹⁾	2,984		33		4,071			21
Anti-dilutive stock options⁽¹⁾	3,514		2,513		3,595			2,329

⁽¹⁾ Due to the loss from continuing operations attributable to Apollo during the nine months ended May 31, 2016, no dilutive share-based awards were included in the calculation of diluted loss per share because they would have been anti-dilutive.