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				Nine Months Ended
	August 27, 2011		August 28, 2010		August 27, 2011		August 28, 2010
Weighted average number of shares outstanding - Basic	50,527,206		50,796,393		50,563,556		50,700,066
Dilutive effect of stock-based arrangements	673,035		452,564		693,065		445,005
Weighted average number of shares outstanding - Diluted	51,200,241		51,248,957		51,256,621		51,145,071

Net earnings attributable to CLARCOR Inc.	$	32,070	$	28,326	$	86,759	$	67,077

Net earnings per share attributable to CLARCOR Inc. - Basic	$	0.63	$	0.56	$	1.72	$	1.32
Net earnings per share attributable to CLARCOR Inc. - Diluted	$	0.63	$	0.55	$	1.69	$	1.31

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



	Quarter Ended				Nine Months Ended
	August 27, 2011		August 28, 2010		August 27, 2011		August 28, 2010
Number of antidilutive options with exercises prices greater than the average market price excluded from the computation of dilutive earnings per share	60,000		347,350		60,000		646,349
Common stock repurchased and retired pursuant to the Company's stock repurchase program	$	9,312	$	10,009	$	18,204	$	10,009
Number of shares repurchased and retired pursuant to the Company's stock repurchase program	222,051		288,842		427,051		288,842

As of August 27, 2011, there was approximately $215,519 available under the Company’s $250,000 stock repurchase program for future purchases.