STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC

3 Months Ended

Nov. 30, 2016

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 months ended November 30, 2016 and 2015 were as follows:



	Three Months Ended November 30,
(in thousands, except share data)	2016		2015
Earnings from continuing operations attributable to CMC	$	7,174	$	25,633

Basic earnings per share:
Shares outstanding for basic earnings per share	115,097,467		116,022,241

Basic earnings per share attributable to CMC	$	0.06	$	0.22

Diluted earnings per share:
Shares outstanding for basic earnings per share	115,097,467		116,022,241
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,507,322		1,317,204
Shares outstanding for diluted earnings per share	116,604,789		117,339,445

Diluted earnings per share attributable to CMC	$	0.06	$	0.22

Anti-dilutive shares not included above	130,989		818,546

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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 share repurchase program under which the Company may repurchase up to $100.0 million of shares of CMC common stock. The Company did not purchase any shares of CMC common stock during the three months ended November 30, 2016. During the three months ended November 30, 2015, the Company purchased 316,086 shares of CMC common stock at an average purchase price of $14.41 per share. The Company had remaining authorization to purchase $27.6 million of common stock at November 30, 2016.