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STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC
 9 Months Ended
May 31, 2016
Earnings Per Share [Abstract]  
Stockholder's equity and earnings per share attributable to CMC
NOTE 13. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

The calculations of basic and diluted earnings per share from continuing operations for the three and nine months ended May 31, 2016 and 2015 were as follows: 
 
 
Three Months Ended May 31,
 
Nine Months Ended May 31,
(in thousands, except share data)
 
2016
 
2015
 
2016
 
2015
Earnings from continuing operations attributable to CMC
 
$
35,111

 
$
39,156

 
$
71,593

 
$
86,886

 
 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
 
       Shares outstanding for basic earnings per share
 
114,677,109

 
115,742,534

 
115,373,736

 
116,807,469

 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
$
0.31

 
$
0.34

 
$
0.62

 
$
0.74

 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
       Shares outstanding for basic earnings per share
 
114,677,109

 
115,742,534

 
115,373,736

 
116,807,469

 
 
 
 
 
 
 
 
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock-based incentive/purchase plans
 
1,318,406

 
1,016,681

 
1,384,980

 
1,063,759

Shares outstanding for diluted earnings per share
 
115,995,515

 
116,759,215

 
116,758,716

 
117,871,228

 
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
$
0.30

 
$
0.34

 
$
0.61

 
$
0.74

 
 
 
 
 
 
 
 
 
Anti-dilutive shares not included above
 
295,107

 
378,006

 
295,107

 
245,542


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CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.
During the first quarter of fiscal 2015, CMC's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100.0 million of shares of CMC common stock. This new program replaced the existing program, which was terminated by CMC's Board of Directors in connection with the approval of the new program. The Company did not purchase any shares of CMC common stock during the three months ended May 31, 2016. During the nine months ended May 31, 2016, the Company purchased 2,255,069 shares of CMC common stock at an average purchase price of $13.57 per share. During the three and nine months ended May 31, 2015, the Company purchased 139,383 and 2,902,218 shares of CMC common stock, respectively, at an average purchase price of $15.97 and $14.40 per share, respectively. The Company had remaining authorization to purchase $27.6 million of common stock at May 31, 2016 pursuant to its share repurchase program.