Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.21.2
Capital Stock and Share Repurchase
 9 Months Ended
May 31, 2021
Earnings Per Share [Abstract]  
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 May 31, 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 nine months ended May 31, 2021. During the three months ended May 31, 2020, the Company repurchased 839,789 shares for $17.8 million. The Company repurchased 1,343,662 shares for $27.5 million in 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,
  2021 2020 2021 2020
Numerator:
Net earnings (loss) from continuing operations $ 25,257  $ (4,930) $ 33,663  $ 5,360 
Net loss from discontinued operations (226) (69) (852) (6,076)
Net earnings (loss) $ 25,031  $ (4,999) 32,811  (716)
Denominator:
Weighted average common shares outstanding - basic 60,144  59,826  59,964  60,012 
Net effect of dilutive securities - stock based compensation plans 430  —  348  346 
Weighted average common shares outstanding - diluted 60,574  59,826  60,312  60,358 
Earnings (loss) per common share from continuing operations:
Basic $ 0.42  $ (0.08) $ 0.56  $ 0.09 
Diluted $ 0.42  $ (0.08) $ 0.56  $ 0.09 
Loss per common share from discontinued operations:
Basic $ (0.00) $ (0.00) $ (0.01) $ (0.10)
Diluted $ (0.00) $ (0.00) $ (0.01) $ (0.10)
Earnings (loss) per common share:
Basic $ 0.42  $ (0.08) $ 0.55  $ (0.01)
Diluted $ 0.41  $ (0.08) $ 0.54  $ (0.01)
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 548  2,479  990  1,435 
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended May 31, 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 February 28, 2021 82,879  $ 16,576  $ 197,036  $ (667,732) $ 925,451  $ (89,938) $ (2,996) $ 2,996  $ 381,393 
Net earnings —  —  —  —  25,031  —  —  —  25,031 
Other comprehensive income, net of tax —  —  —  —  —  6,538  —  —  6,538 
Stock contribution to employee benefit plans and other 5  1  96  —  —  —  —  —  97 
Vesting of restricted stock awards 17  3  (3) —  —  —  —  —  — 
Stock based compensation expense —  —  2,157  —  —  —  —  —  2,157 
Stock option exercises 89  18  2,008  —  —  —  —  —  2,026 
Tax effect related to net share settlement of equity awards —  —  (356) —  —  —  —  —  (356)
Stock issued to, acquired for and distributed from rabbi trust 1  —  25  —  —  —  (3) 3  25 
Balance at May 31, 2021 82,991  $ 16,598  $ 200,963  $ (667,732) $ 950,482  $ (83,400) $ (2,999) $ 2,999  $ 416,911 
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 earnings —  —  —  —  (4,999) —  —  —  (4,999)
Other comprehensive income, net of tax —  —  —  —  —  (6,586) —  —  (6,586)
Stock contribution to employee benefit plans and other 6  1  96  —  —  —  —  —  97 
Vesting of 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 nine months ended May 31, 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 —  —  —  —  32,811  —  —  —  32,811 
Other comprehensive income, net of tax —  —  —  —  —  17,324  —  —  17,324 
Stock contribution to employee benefit plans and other 15  3  276  —  —  —  —  —  279 
Vesting of restricted stock awards 272  54  (54) —  —  —  —  —  — 
Stock based compensation expense —  —  7,384  —  —  —  —  —  7,384 
Stock option exercises 89  18  2,008  —  —  —  —  —  2,026 
Tax effect related to net share settlement of equity awards —  —  (2,337) —  —  —  —  —  (2,337)
Stock issued to, acquired for and distributed from rabbi trust 21  4  194  —  —  —  (437) 437  198 
Balance at May 31, 2021 82,991  $ 16,598  $ 200,963  $ (667,732) $ 950,482  $ (83,400) $ (2,999) $ 2,999  $ 416,911 
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 earnings —  —  —  —  (716) —  —  —  (716)
Other comprehensive income, net of tax —  —  —  —  —  51,289  —  —  51,289 
Stock contribution to employee benefit plans and other 17  3  351  —  —  —  —  —  354 
Vesting of 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 —  —  —  —  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