Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.5.0.2
Capital Stock and Share Repurchase
 9 Months Ended
May 31, 2016
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchase
The Company's Board of Directors approved four separate authorizations (September 2011, March 2014, October 2014 and March 2015) to repurchase up to 7,000,000 shares per authorization of the Company's outstanding common stock. At May 31, 2016, shares repurchased under these authorizations totaled 20,326,479, leaving 7,673,521 shares available for repurchase under the existing share repurchase program.
The reconciliation between basic and diluted earnings (loss) per share is as follows (in thousands, except per share amounts):
 
Three Months Ended May 31,
 
Nine Months Ended May 31,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net earnings (loss)
$
21,166

 
$
37,958

 
$
(122,576
)
 
$
(2,206
)
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
58,923

 
59,617

 
59,034

 
61,911

Net effect of dilutive securities - stock based compensation plans (1)
666

 
626

 
—

 
—

Weighted average common shares outstanding - diluted
59,589

 
60,243

 
$
59,034

 
$
61,911

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
0.36

 
$
0.64

 
$
(2.08
)
 
$
(0.04
)
Diluted earnings (loss) per share
0.36

 
0.63

 
(2.08
)
 
(0.04
)
 
 
 
 
 
 
 
 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)
1,930

 
2,256

 
4,973

 
4,662

(1) As a result of the impairment charges which caused a net loss in both the nine months ended May 31, 2016 and 2015, shares from stock based compensation plans are excluded from the calculation of diluted earnings (loss) per share, as the result would be anti-dilutive.