| Capital Stock and Share Repurchase |
Note 11. Earnings per Share and Shareholders' Equity
The Company's Board of Directors authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. Since the inception of the initial share repurchase program in fiscal 2012, the Company has repurchased 22,799,230 shares of common stock for $667.7 million. As of May 31, 2020, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company repurchased 503,873 shares for $9.7 million during the three months ended May 31, 2020 (all shares were purchased in March 2020 under a SEC Rule 10b5-1 trading plan, before the repurchase was able to be suspended in response to the COVID-19 pandemic) and 1,343,662 shares for $27.5 million during the nine months ended May 31, 2020.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, |
|
Nine Months Ended May 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Numerator: |
|
|
|
|
|
|
|
Net (loss) earnings from continuing operations |
$ |
(4,930 |
) |
|
$ |
26,858 |
|
|
$ |
5,360 |
|
|
$ |
11,201 |
|
Net (loss) earnings from discontinued operations |
(69 |
) |
|
5,560 |
|
|
(6,076 |
) |
|
6,518 |
|
Net (loss) earnings |
(4,999 |
) |
|
32,418 |
|
|
(716 |
) |
|
17,719 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
59,826 |
|
|
61,422 |
|
|
60,012 |
|
|
61,232 |
|
Net effect of dilutive securities - stock based compensation plans |
— |
|
|
418 |
|
|
346 |
|
|
469 |
|
Weighted average common shares outstanding - diluted |
$ |
59,826 |
|
|
$ |
61,840 |
|
|
$ |
60,358 |
|
|
$ |
61,701 |
|
|
|
|
|
|
|
|
|
(Loss) earnings per common share from continuing operations: |
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
0.44 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
Diluted |
$ |
(0.08 |
) |
|
$ |
0.43 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
(Loss) earnings per common share from discontinued operations: |
|
|
|
|
|
|
|
Basic |
$ |
— |
|
|
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
$ |
0.11 |
|
Diluted |
$ |
— |
|
|
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
(Loss) earnings per common share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
0.53 |
|
|
$ |
(0.01 |
) |
|
$ |
0.29 |
|
Diluted |
$ |
(0.08 |
) |
|
$ |
0.52 |
|
|
$ |
(0.01 |
) |
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) |
2,479 |
|
|
987 |
|
|
1,435 |
|
|
1,164 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended May 31, 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional
Paid-in
Capital |
|
Treasury
Stock |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Loss |
|
Stock
Held in
Trust |
|
Deferred
Compensation
Liability |
|
Total
Shareholders’
Equity |
|
Issued
Shares |
|
Amount |
|
Balance at February 29, 2020 |
82,540 |
|
|
$ |
16,508 |
|
|
$ |
189,716 |
|
|
$ |
(658,017 |
) |
|
$ |
923,622 |
|
|
$ |
(117,464 |
) |
|
$ |
(2,434 |
) |
|
$ |
2,434 |
|
|
$ |
354,365 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,999 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,999 |
) |
Other comprehensive loss, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,586 |
) |
|
— |
|
|
— |
|
|
(6,586 |
) |
Stock contribution to employee benefit plans and other |
6 |
|
|
1 |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
97 |
|
Restricted stock awards |
13 |
|
|
3 |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Treasury stock repurchases |
— |
|
|
— |
|
|
— |
|
|
(9,715 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,715 |
) |
Stock based compensation expense |
— |
|
|
— |
|
|
3,184 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,184 |
|
Stock option exercises |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(147 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(147 |
) |
Stock issued to, acquired for and distributed from rabbi trust |
4 |
|
|
1 |
|
|
82 |
|
|
— |
|
|
— |
|
|
— |
|
|
(83 |
) |
|
83 |
|
|
83 |
|
Balance at May 31, 2020 |
82,563 |
|
|
$ |
16,513 |
|
|
$ |
192,928 |
|
|
$ |
(667,732 |
) |
|
$ |
918,623 |
|
|
$ |
(124,050 |
) |
|
$ |
(2,517 |
) |
|
$ |
2,517 |
|
|
$ |
336,282 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended May 31, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional
Paid-in
Capital |
|
Treasury
Stock |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Loss |
|
Stock
Held in
Trust |
|
Deferred
Compensation
Liability |
|
Total
Shareholders’
Equity |
|
Issued
Shares |
|
Amount |
|
Balance at February 28, 2019 |
81,832 |
|
|
$ |
16,364 |
|
|
$ |
174,418 |
|
|
$ |
(617,731 |
) |
|
$ |
1,152,331 |
|
|
$ |
(139,752 |
) |
|
$ |
(2,989 |
) |
|
$ |
2,989 |
|
|
$ |
585,630 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32,418 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,418 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,800 |
) |
|
— |
|
|
— |
|
|
(13,800 |
) |
Stock contribution to employee benefit plans and other |
5 |
|
|
1 |
|
|
114 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
115 |
|
Restricted stock awards |
28 |
|
|
6 |
|
|
(6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
3,091 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,091 |
|
Stock option exercises |
10 |
|
|
2 |
|
|
204 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
206 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(322 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(322 |
) |
Stock issued to, acquired for and distributed from rabbi trust |
5 |
|
|
1 |
|
|
85 |
|
|
— |
|
|
— |
|
|
— |
|
|
(86 |
) |
|
86 |
|
|
86 |
|
Balance at May 31, 2019 |
81,880 |
|
|
$ |
16,374 |
|
|
$ |
177,584 |
|
|
$ |
(617,731 |
) |
|
$ |
1,184,749 |
|
|
$ |
(153,552 |
) |
|
$ |
(3,075 |
) |
|
$ |
3,075 |
|
|
$ |
607,424 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the nine months ended May 31, 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional
Paid-in
Capital |
|
Treasury
Stock |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Loss |
|
Stock
Held in
Trust |
|
Deferred
Compensation
Liability |
|
Total
Shareholders’
Equity |
|
Issued
Shares |
|
Amount |
|
Balance at August 31, 2019 |
81,919 |
|
|
$ |
16,384 |
|
|
$ |
181,213 |
|
|
$ |
(640,212 |
) |
|
$ |
915,466 |
|
|
$ |
(171,672 |
) |
|
$ |
(3,070 |
) |
|
$ |
3,070 |
|
|
$ |
301,179 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(716 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(716 |
) |
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
51,289 |
|
|
— |
|
|
— |
|
|
51,289 |
|
Stock contribution to employee benefit plans and other |
17 |
|
|
3 |
|
|
351 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
354 |
|
Restricted stock awards |
462 |
|
|
93 |
|
|
(93 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Treasury stock repurchases |
— |
|
|
— |
|
|
— |
|
|
(27,520 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(27,520 |
) |
Stock based compensation expense |
— |
|
|
— |
|
|
12,814 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,814 |
|
Stock option exercises |
145 |
|
|
29 |
|
|
2,602 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,631 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(4,210 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,210 |
) |
Stock issued to, acquired for and distributed from rabbi trust |
20 |
|
|
4 |
|
|
251 |
|
|
— |
|
|
— |
|
|
— |
|
|
553 |
|
|
(553 |
) |
|
255 |
|
Adoption of accounting standards (Note 1) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,873 |
|
|
(3,667 |
) |
|
— |
|
|
— |
|
|
206 |
|
Balance at May 31, 2020 |
82,563 |
|
|
$ |
16,513 |
|
|
$ |
192,928 |
|
|
$ |
(667,732 |
) |
|
$ |
918,623 |
|
|
$ |
(124,050 |
) |
|
$ |
(2,517 |
) |
|
$ |
2,517 |
|
|
$ |
336,282 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the nine months ended May 31, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional
Paid-in
Capital |
|
Treasury
Stock |
|
Retained
Earnings |
|
Accumulated
Other
Comprehensive
Loss |
|
Stock
Held in
Trust |
|
Deferred
Compensation
Liability |
|
Total
Shareholders’
Equity |
|
Issued
Shares |
|
Amount |
|
Balance at August 31, 2018 |
81,424 |
|
|
$ |
16,285 |
|
|
$ |
167,448 |
|
|
$ |
(617,731 |
) |
|
$ |
1,166,955 |
|
|
$ |
(174,245 |
) |
|
$ |
(2,450 |
) |
|
$ |
2,450 |
|
|
$ |
558,712 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17,719 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,719 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20,693 |
|
|
— |
|
|
— |
|
|
20,693 |
|
Stock contribution to employee benefit plans and other |
15 |
|
|
3 |
|
|
356 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
359 |
|
Restricted stock awards |
366 |
|
|
71 |
|
|
(71 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
10,253 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,253 |
|
Stock option exercises |
45 |
|
|
9 |
|
|
984 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
993 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(1,811 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,811 |
) |
Stock issued to, acquired for and distributed from rabbi trust |
30 |
|
|
6 |
|
|
425 |
|
|
— |
|
|
— |
|
|
— |
|
|
(625 |
) |
|
625 |
|
|
431 |
|
Adoption of accounting standards |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
75 |
|
|
— |
|
|
— |
|
|
— |
|
|
75 |
|
Balance at May 31, 2019 |
81,880 |
|
|
$ |
16,374 |
|
|
$ |
177,584 |
|
|
$ |
(617,731 |
) |
|
$ |
1,184,749 |
|
|
$ |
(153,552 |
) |
|
$ |
(3,075 |
) |
|
$ |
3,075 |
|
|
$ |
607,424 |
|
|