Classical Lamination Theory combines the specially orthotropic nature of unidirectional composite plies with the assumptions of Kirchhoff plate theory to arrive at the in-plane properties of the laminate. Traditionally, the derivation assumes a plane stress state in each lamina prior to performing the rotational transformation from the lamina coordinates to the laminate coordinates, resulting in an incomplete formulation of the out-of-plane properties. In this work the rotational transformation of each lamina is performed prior to applying the plane stress or strain simplifications, resulting in an accurate formulation of the out-of-plane properties. Both plane stress and plane strain are considered. To illustrate the new formulation's ability to accurately predict out-of-plane properties, an optimization is performed to find laminates that exhibit the extrema of the out-of-plane Poisson's ratios. Verification of nearly optimal laminates with finite element analysis and experimental testing demonstrates improved accuracy of the new formulation.