Capital Stock and Share Repurchase |
Note 11. Earnings per Share and Shareholders' Equity
The Company's Board of Directors has 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 February 28, 2021, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company did not repurchase shares in the six months ended February 28, 2021. During the six months ended February 29, 2020, the Company repurchased 839,789 shares for $17.8 million. No shares were repurchased in the three months ended February 29, 2020.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
February 28, 2021 |
|
February 29, 2020 |
|
February 28, 2021 |
|
February 29, 2020 |
Numerator: |
|
|
|
|
|
|
|
Net earnings from continuing operations |
$ |
3,584 |
|
|
$ |
3,918 |
|
|
$ |
8,406 |
|
|
$ |
10,290 |
|
Net loss from discontinued operations |
(402) |
|
|
(1,756) |
|
|
(626) |
|
|
(6,007) |
|
Net earnings |
$ |
3,182 |
|
|
$ |
2,162 |
|
|
7,780 |
|
|
4,283 |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
59,938 |
|
|
60,130 |
|
|
59,874 |
|
|
60,106 |
|
Net effect of dilutive securities - stock based compensation plans |
331 |
|
|
383 |
|
|
306 |
|
|
451 |
|
Weighted average common shares outstanding - diluted |
60,269 |
|
|
60,513 |
|
|
60,180 |
|
|
60,557 |
|
|
|
|
|
|
|
|
|
Earnings per common share from continuing operations: |
|
|
|
|
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
Diluted |
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
Loss per common share from discontinued operations: |
|
|
|
|
|
|
|
Basic |
$ |
(0.01) |
|
|
$ |
(0.03) |
|
|
$ |
(0.01) |
|
|
$ |
(0.10) |
|
Diluted |
$ |
(0.01) |
|
|
$ |
(0.03) |
|
|
$ |
(0.01) |
|
|
$ |
(0.10) |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.13 |
|
|
$ |
0.07 |
|
Diluted |
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.13 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) |
932 |
|
|
1,024 |
|
|
1,211 |
|
|
1,046 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended February 28, 2021 (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 November 30, 2020 |
82,625 |
|
|
$ |
16,525 |
|
|
$ |
195,979 |
|
|
$ |
(667,732) |
|
|
$ |
922,269 |
|
|
$ |
(99,095) |
|
|
$ |
(2,643) |
|
|
$ |
2,643 |
|
|
$ |
367,946 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,182 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,182 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,157 |
|
|
— |
|
|
— |
|
|
9,157 |
|
Stock contribution to employee benefit plans and other |
4 |
|
|
1 |
|
|
80 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
81 |
|
Vesting of restricted stock awards |
235 |
|
|
47 |
|
|
(47) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
2,647 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,647 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(1,706) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,706) |
|
Stock issued to, acquired for and distributed from rabbi trust |
15 |
|
|
3 |
|
|
83 |
|
|
— |
|
|
— |
|
|
— |
|
|
(353) |
|
|
353 |
|
|
86 |
|
Balance at February 28, 2021 |
82,879 |
|
|
$ |
16,576 |
|
|
$ |
197,036 |
|
|
$ |
(667,732) |
|
|
$ |
925,451 |
|
|
$ |
(89,938) |
|
|
$ |
(2,996) |
|
|
$ |
2,996 |
|
|
$ |
381,393 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended February 29, 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 November 30, 2019 |
82,248 |
|
|
$ |
16,450 |
|
|
$ |
187,772 |
|
|
$ |
(658,017) |
|
|
$ |
921,460 |
|
|
$ |
(114,412) |
|
|
$ |
(3,157) |
|
|
$ |
3,157 |
|
|
$ |
353,253 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,162 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,162 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,052) |
|
|
— |
|
|
— |
|
|
(3,052) |
|
Stock contribution to employee benefit plans and other |
5 |
|
|
1 |
|
|
125 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
126 |
|
Vesting of restricted stock awards |
259 |
|
|
52 |
|
|
(52) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
3,093 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,093 |
|
Stock option exercises |
17 |
|
|
3 |
|
|
119 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
122 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(1,425) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,425) |
|
Stock issued to, acquired for and distributed from rabbi trust |
11 |
|
|
2 |
|
|
84 |
|
|
— |
|
|
— |
|
|
— |
|
|
723 |
|
|
(723) |
|
|
86 |
|
Balance at February 29, 2020 |
82,540 |
|
|
$ |
16,508 |
|
|
$ |
189,716 |
|
|
$ |
(658,017) |
|
|
$ |
923,622 |
|
|
$ |
(117,464) |
|
|
$ |
(2,434) |
|
|
$ |
2,434 |
|
|
$ |
354,365 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the six months ended February 28, 2021 (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, 2020 |
82,594 |
|
|
$ |
16,519 |
|
|
$ |
193,492 |
|
|
$ |
(667,732) |
|
|
$ |
917,671 |
|
|
$ |
(100,724) |
|
|
$ |
(2,562) |
|
|
$ |
2,562 |
|
|
$ |
359,226 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,780 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,780 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,786 |
|
|
— |
|
|
— |
|
|
10,786 |
|
Stock contribution to employee benefit plans and other |
10 |
|
|
2 |
|
|
180 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
182 |
|
Vesting of restricted stock awards |
255 |
|
|
51 |
|
|
(51) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
5,227 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,227 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(1,981) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,981) |
|
Stock issued to, acquired for and distributed from rabbi trust |
20 |
|
|
4 |
|
|
169 |
|
|
— |
|
|
— |
|
|
— |
|
|
(434) |
|
|
434 |
|
|
173 |
|
Balance at February 28, 2021 |
82,879 |
|
|
16,576 |
|
|
$ |
197,036 |
|
|
$ |
(667,732) |
|
|
$ |
925,451 |
|
|
$ |
(89,938) |
|
|
$ |
(2,996) |
|
|
$ |
2,996 |
|
|
$ |
381,393 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the six months ended February 29, 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 earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,283 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,283 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
57,875 |
|
|
— |
|
|
— |
|
|
57,875 |
|
Stock contribution to employee benefit plans and other |
11 |
|
|
2 |
|
|
255 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
257 |
|
Vesting of restricted stock awards |
449 |
|
|
90 |
|
|
(90) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Treasury stock repurchases |
— |
|
|
— |
|
|
— |
|
|
(17,805) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(17,805) |
|
Stock based compensation expense |
— |
|
|
— |
|
|
9,630 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,630 |
|
Stock option exercises |
145 |
|
|
29 |
|
|
2,602 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,631 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(4,063) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,063) |
|
Stock issued to, acquired for and distributed from rabbi trust |
16 |
|
|
3 |
|
|
169 |
|
|
— |
|
|
— |
|
|
— |
|
|
636 |
|
|
(636) |
|
|
172 |
|
Adoption of accounting standards |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,873 |
|
|
(3,667) |
|
|
— |
|
|
— |
|
|
206 |
|
Balance at February 29, 2020 |
82,540 |
|
|
$ |
16,508 |
|
|
$ |
189,716 |
|
|
$ |
(658,017) |
|
|
$ |
923,622 |
|
|
$ |
(117,464) |
|
|
$ |
(2,434) |
|
|
$ |
2,434 |
|
|
$ |
354,365 |
|
|