Schedule of Earnings Per Share, Basic and Diluted |
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
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Three Months Ended May 31, |
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Nine Months Ended May 31, |
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2022 |
|
2021 |
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|
2022 |
|
2021 |
Numerator: |
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|
|
|
Net earnings from continuing operations |
$ |
4,061 |
|
|
$ |
25,257 |
|
|
|
$ |
9,367 |
|
|
$ |
33,663 |
|
Net loss from discontinued operations |
(2,418) |
|
|
(226) |
|
|
|
(3,715) |
|
|
(852) |
|
Net earnings |
$ |
1,643 |
|
|
$ |
25,031 |
|
|
|
5,652 |
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|
32,811 |
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Denominator: |
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Weighted average common shares outstanding - basic |
60,227 |
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|
60,144 |
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|
60,292 |
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|
59,964 |
|
Net effect of dilutive securities - stock based compensation plans |
383 |
|
|
430 |
|
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|
348 |
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|
348 |
|
Weighted average common shares outstanding - diluted |
60,610 |
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|
60,574 |
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|
60,640 |
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|
60,312 |
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Earnings per common share from continuing operations: |
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Basic |
$ |
0.07 |
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$ |
0.42 |
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$ |
0.16 |
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|
$ |
0.56 |
|
Diluted |
$ |
0.07 |
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|
$ |
0.42 |
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|
$ |
0.15 |
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$ |
0.56 |
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Loss per common share from discontinued operations: |
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Basic |
$ |
(0.04) |
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$ |
(0.00) |
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$ |
(0.06) |
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$ |
(0.01) |
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Diluted |
$ |
(0.04) |
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$ |
(0.00) |
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$ |
(0.06) |
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$ |
(0.01) |
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Earnings per common share:* |
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Basic |
$ |
0.03 |
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$ |
0.42 |
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|
$ |
0.09 |
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|
$ |
0.55 |
|
Diluted |
$ |
0.03 |
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$ |
0.41 |
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$ |
0.09 |
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$ |
0.54 |
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Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) |
951 |
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|
548 |
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|
945 |
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|
990 |
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*The total of Earnings per share from continuing operations and Loss per share from discontinued operations may not equal Earnings per share due to rounding. |
The following table illustrates the changes in the balances of each component of shareholders' equity for the nine months ended May 31, 2022 (in thousands):
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Common Stock |
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Additional Paid-in Capital |
|
Treasury Stock |
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Retained Earnings |
|
Accumulated Other Comprehensive Loss |
|
Stock Held in Trust |
|
Deferred Compensation Liability |
|
Total Shareholders’ Equity |
|
Issued Shares |
|
Amount |
|
Balance at August 31, 2021 |
83,022 |
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|
$ |
16,604 |
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|
$ |
202,971 |
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|
$ |
(667,732) |
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$ |
953,339 |
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$ |
(92,984) |
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$ |
(3,067) |
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$ |
3,067 |
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$ |
412,198 |
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Net earnings |
— |
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|
— |
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|
— |
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|
— |
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|
2,788 |
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|
— |
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|
— |
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|
— |
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|
2,788 |
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Other comprehensive loss, net of tax |
— |
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|
— |
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|
— |
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|
— |
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— |
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(10,044) |
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— |
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— |
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(10,044) |
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Stock contribution to employee benefit plans and other |
2 |
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|
1 |
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|
84 |
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— |
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— |
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— |
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— |
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— |
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|
85 |
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Vesting of equity awards |
67 |
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|
17 |
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(17) |
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— |
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— |
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— |
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|
— |
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|
— |
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|
— |
|
Stock based compensation expense |
— |
|
|
— |
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|
6,147 |
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|
— |
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|
— |
|
|
— |
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|
— |
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|
— |
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|
6,147 |
|
Tax effect related to net share settlement of equity awards |
— |
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|
— |
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|
(1,393) |
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— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
(1,393) |
|
Stock issued to, acquired for and distributed from rabbi trust |
1 |
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— |
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|
25 |
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— |
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— |
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— |
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(25) |
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25 |
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|
25 |
|
Balance at November 30, 2021 |
83,092 |
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$ |
16,622 |
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$ |
207,817 |
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$ |
(667,732) |
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$ |
956,127 |
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$ |
(103,028) |
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$ |
(3,092) |
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$ |
3,092 |
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$ |
409,806 |
|
Net earnings |
— |
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|
— |
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|
— |
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|
— |
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|
1,221 |
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|
— |
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|
— |
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|
— |
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|
1,221 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
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|
1,744 |
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— |
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|
— |
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|
1,744 |
|
Stock contribution to employee benefit plans and other |
5 |
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1 |
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|
64 |
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— |
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— |
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|
— |
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|
— |
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|
— |
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|
65 |
|
Vesting of equity awards |
247 |
|
|
46 |
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|
(46) |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
2,142 |
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|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,142 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(1,980) |
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|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,980) |
|
Stock issued to, acquired for and distributed from rabbi trust |
1 |
|
|
— |
|
|
25 |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
(3) |
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|
25 |
|
Balance at February 28, 2022 |
83,345 |
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|
$ |
16,669 |
|
|
$ |
208,022 |
|
|
$ |
(667,732) |
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|
$ |
957,348 |
|
|
$ |
(101,284) |
|
|
$ |
(3,089) |
|
|
$ |
3,089 |
|
|
$ |
413,023 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,643 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,643 |
|
Other comprehensive loss, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(16,030) |
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|
— |
|
|
— |
|
|
(16,030) |
|
Stock contribution to employee benefit plans and other |
4 |
|
|
1 |
|
|
65 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
66 |
|
Treasury stock repurchases |
— |
|
|
— |
|
|
— |
|
|
(36,295) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(36,295) |
|
Stock based compensation expense |
— |
|
|
— |
|
|
3,828 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,828 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3) |
|
Stock issued to, acquired for and distributed from rabbi trust |
1 |
|
|
— |
|
|
40 |
|
|
— |
|
|
— |
|
|
— |
|
|
(59) |
|
|
59 |
|
|
40 |
|
Balance at May 31, 2022 |
83,350 |
|
|
$ |
16,670 |
|
|
$ |
211,952 |
|
|
$ |
(704,027) |
|
|
$ |
958,991 |
|
|
$ |
(117,314) |
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|
$ |
(3,148) |
|
|
$ |
3,148 |
|
|
$ |
366,272 |
|
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):
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|
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 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,598 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,598 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,629 |
|
|
— |
|
|
— |
|
|
1,629 |
|
Stock contribution to employee benefit plans and other |
6 |
|
|
1 |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
101 |
|
Vesting of equity awards |
20 |
|
|
4 |
|
|
(4) |
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|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
2,581 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,581 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
|
|
(275) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(275) |
|
Stock issued to, acquired for and distributed from rabbi trust |
5 |
|
|
1 |
|
|
85 |
|
|
— |
|
|
— |
|
|
— |
|
|
(81) |
|
|
81 |
|
|
86 |
|
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 equity 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 |
|
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 equity 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 |
|
|