Annual report pursuant to Section 13 and 15(d)

Capital Stock and Share Repurchases

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Capital Stock and Share Repurchases
 12 Months Ended
Aug. 31, 2023
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchases
Note 13.    Capital Stock and Share Repurchases
The authorized common stock of the Company as of August 31, 2023 consisted of 168,000,000 shares of Class A common stock, $0.20 par value, of which 83,760,798 and 54,988,083 shares were issued and outstanding, respectively; 1,500,000 shares of Class B common stock, $0.20 par value, none of which are outstanding; and 160,000 shares of cumulative preferred stock, $1.00 par value (“preferred stock”), none of which have been issued. Holders of both classes of the Company’s common stock are entitled to dividends, as the Company’s Board of Directors may declare out of funds legally available, subject to any contractual restrictions on the payment of dividends or other distributions on the common stock. If the Company were to issue any of its preferred stock, no dividends could be paid or set apart on shares of common stock, unless paid in common stock, until dividends on all of the issued and outstanding shares of preferred stock had been paid or set apart for payment and provision had been made for any mandatory sinking fund payments.
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 each of the Company’s outstanding common stock. 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 In March 2022, the Company's Board of Directors rescinded its prior share repurchase authorization and approved a new share repurchase program authorizing the repurchase of a total of 10,000,000 shares of the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 2,213,750 shares of its common stock for $57.7 million during the year ended August 31, 2023. As of August 31, 2023, the maximum number of shares that may yet be purchased under this new program is 4,026,515. Since the inception of the initial share repurchase program in fiscal 2012, the Company has repurchased 28,772,715 shares of common stock for $800.5 million.
Earnings Per Share
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
  Year Ended August 31,
  2023 2022 2021
Numerator:
Net earnings from continuing operations $ 53,649  $ 19,591  $ 40,212 
Net loss from discontinued operations (7,088) (3,905) (2,135)
Net earnings $ 46,561  $ 15,686  $ 38,077 
Denominator:
Weighted average common shares outstanding - basic 56,680  59,538  60,024 
Net effect of dilutive securities - stock based compensation plans 437  371  379 
Weighted average common shares outstanding - diluted 57,117  59,909  60,403 
Earnings per common share from continuing operations:
Basic $ 0.95  $ 0.33  $ 0.67 
Diluted $ 0.94  $ 0.33  $ 0.67 
Loss per common share from discontinued operations:
Basic $ (0.13) $ (0.07) $ (0.04)
Diluted $ (0.12) $ (0.07) $ (0.04)
Earnings per common share:
Basic $ 0.82  $ 0.26  $ 0.63 
Diluted $ 0.82  $ 0.26  $ 0.63 
Anti-dilutive securities- stock based compensation plans (excluded from earnings per share calculation) 891  946  880