EARNINGS PER SHARE AND TREASURY STOCK TRANSACTIONS

Diluted earnings per share reflect the impact of outstanding stock options as if exercised during the periods presented using the treasury stock method. The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share.



	Quarter Ended				Six Months Ended
	May 28, 2011		May 29, 2010		May 28, 2011		May 29, 2010
Weighted average number of shares outstanding	50,594,963		50,716,443		50,581,731		50,661,061
Dilutive effect of stock-based arrangements	687,420		326,374		703,080		241,484
Weighted average number of diluted shares outstanding	51,282,383		51,042,817		51,284,811		50,902,545

Net earnings attributable to CLARCOR Inc.	$	32,808	$	23,885	$	54,689	$	38,751

Basic earnings per share	$	0.65	$	0.47	$	1.08	$	0.76
Diluted earnings per share	$	0.64	$	0.47	$	1.07	$	0.76

The following table provides additional information regarding the calculation of earnings per share and treasury stock transactions.



	Quarter Ended				Six Months Ended
	May 28, 2011		May 29, 2010		May 28, 2011		May 29, 2010
Per share weighted average exercise price of antidilutive options	$	44.07	$	36.30	$	44.07	$	36.16
Number of antidilutive options with exercises prices greater than the average market price excluded from the computation of dilutive earnings per share	60,000		455,987		60,000		512,287
Common stock repurchased and retired pursuant to the Company's $250,000 stock repurchase program	$	6,945	$	—	$	8,892	$	—
Number of shares repurchased and retired pursuant to the Company's $250,000 stock repurchase program	160,000		—		205,000		—

As of May 28, 2011, there was approximately $224,830 available under the Company’s $250,000 stock repurchase program for future purchases.