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STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC | 9 Months Ended
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May 31, 2017
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, 2017 and May 31, 2016 were as follows:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
(in thousands, except share data) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Earnings from continuing operations attributable to CMC |  | $ | 39,609 |  |  | $ | 35,111 |  |  | $ | 76,422 |  |  | $ | 71,593 |
Basic earnings per share: |  |  |  |  |  |  |  |
Shares outstanding for basic earnings per share |  | 115,886,372 |  |  | 114,677,109 |  |  | 115,574,289 |  |  | 115,373,736 |
Basic earnings per share attributable to CMC |  | $ | 0.34 |  |  | $ | 0.31 |  |  | $ | 0.66 |  |  | $ | 0.62 |
Diluted earnings per share: |  |  |  |  |  |  |  |
Shares outstanding for basic earnings per share |  | 115,886,372 |  |  | 114,677,109 |  |  | 115,574,289 |  |  | 115,373,736 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Stock-based incentive/purchase plans |  | 1,318,997 |  |  | 1,318,406 |  |  | 1,513,052 |  |  | 1,384,980 |
Shares outstanding for diluted earnings per share |  | 117,205,369 |  |  | 115,995,515 |  |  | 117,087,341 |  |  | 116,758,716 |
Diluted earnings per share attributable to CMC |  | $ | 0.34 |  |  | $ | 0.30 |  |  | $ | 0.65 |  |  | $ | 0.61 |
Anti-dilutive shares not included above |  | — |  |  | 295,107 |  |  | — |  |  | 295,107 |
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 CMC may repurchase up to $100.0 million of shares of CMC common stock. CMC did not purchase any shares of CMC common stock during the three and nine months ended May 31, 2017 and three months ended May 31, 2016. During the nine months ended May 31, 2016, CMC purchased 2.3 million shares of CMC common stock at an average purchase price of $13.57 per share. CMC had remaining authorization to purchase $27.6 million of common stock at May 31, 2017.

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