Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.23.4
Capital Stock and Share Repurchase
 3 Months Ended
Nov. 30, 2023
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 29,727,622 shares of common stock for $826.6 million. The Company suspended the initial share repurchase program in response to the COVID-19 pandemic in the third quarter of fiscal 2020. In March 2022, the Company's Board of Directors rescinded its prior share repurchase authorization and approved a new share repurchase program authorizing the repurchase of a total of 10,000,000 shares of the Company's outstanding common stock. The Company repurchased 954,907 shares for $26.1 million in the three months ended November 30, 2023 and did not repurchase shares in the three months ended November 30, 2022. As of November 30, 2023, the maximum number of shares that may yet be purchased under the program is 3,071,608 shares.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
  Three Months Ended November 30,
  2023 2022
Numerator:
Net earnings from continuing operations $ 18,305  $ 6,409 
Net (loss) earnings from discontinued operations (567) 1,044 
Net earnings $ 17,738  $ 7,453 
Denominator:
Weighted average common shares outstanding - basic 54,527  56,886 
Net effect of dilutive securities - stock based compensation plans 481  431 
Weighted average common shares outstanding - diluted 55,008  57,317 
Earnings per share from continuing operations:
Basic $ 0.34  $ 0.11 
Diluted $ 0.33  $ 0.11 
(Loss) earnings per share from discontinued operations:
Basic $ (0.01) $ 0.02 
Diluted $ (0.01) $ 0.02 
Earnings per share:*
Basic $ 0.33  $ 0.13 
Diluted $ 0.32  $ 0.13 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 312  818 
*The total of Earnings per share from continuing operations and (Loss) earnings 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 three months ended November 30, 2023 (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, 2023 83,761  $ 16,752  $ 220,472  $ (800,506) $ 1,011,112  $ (121,210) $ (3,484) $ 3,484  $ 326,620 
Net earnings —  —  —  —  17,738  —  —  —  17,738 
Other comprehensive loss, net of tax —  —  —  —  —  370  —  —  370 
Stock contribution to employee benefit plans and other 2  —  51  —  —  —  —  —  51 
Vesting of equity awards 118  23  (23) —  —  —  —  —  — 
Cash dividend ($0.04 per share) true-up —  —  —  —  21  —  —  —  21 
Treasury stock repurchases —  —  —  (26,116) —  —  —  —  (26,116)
Stock based compensation expense —  —  2,717  —  —  —  —  —  2,717 
Stock option exercises 83  17  2,193  —  —  —  —  —  2,210 
Tax effect related to net share settlement of equity awards —  —  (2,025) —  —  —  —  —  (2,025)
Stock issued to, acquired for and distributed from rabbi trust 3  1  89  —  —  —  (92) 92  90 
Balance at November 30, 2023 83,967  $ 16,793  $ 223,474  $ (826,622) $ 1,028,871  $ (120,840) $ (3,576) $ 3,576  $ 321,676 
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2022 (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, 2022 83,397  $ 16,679  $ 212,986  $ (742,844) $ 966,751  $ (134,961) $ (3,209) $ 3,209  $ 318,611 
Net earnings —  —  —  —  7,453  —  —  —  7,453 
Other comprehensive income, net of tax —  —  —  —  —  6,024  —  —  6,024 
Stock contribution to employee benefit plans and other 3  1  41  —  —  —  —  —  42 
Vesting of equity awards 84  17  (17) —  —  —  —  —  — 
Stock based compensation expense —  —  2,155  —  —  —  —  —  2,155 
Stock option exercises 42  8  922  —  —  930 
Tax effect related to net share settlement of equity awards —  —  (969) —  —  —  —  —  (969)
Stock issued to, acquired for and distributed from rabbi trust 3  1  76  —  —  —  (30) 30  77 
Balance at November 30, 2022 83,529  $ 16,706  $ 215,194  $ (742,844) $ 974,204  $ (128,937) $ (3,239) $ 3,239  $ 334,323