Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.20.1
Capital Stock and Share Repurchase
6 Months Ended
Feb. 29, 2020
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchase
Note 11. Earnings per Share and Shareholders' Equity
The Company's Board of Directors 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 22,295,357 shares of common stock for $658.0 million. As of February 29, 2020, the maximum number of shares that may yet be purchased under the programs is 5,704,643 shares. During the six months ended February 29, 2020, the Company repurchased 839,789 shares for $17.8 million. No shares were purchased in the three months ended February 29, 2020.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
February 29, 2020
 
February 28, 2019
 
February 29, 2020
 
February 28, 2019
Numerator:
 
 
 
 
 
 
 
Net earnings (loss) from continuing operations
$
3,918

 
$
765

 
$
10,290

 
$
(15,657
)
Net (loss) earnings from discontinued operations
(1,756
)
 
1,988

 
(6,007
)
 
958

Net earnings (loss)
2,162

 
2,753

 
4,283

 
(14,699
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
60,130

 
61,243

 
60,106

 
61,137

Net effect of dilutive securities - stock based compensation plans
383

 
364

 
451

 

Weighted average common shares outstanding - diluted
$
60,513

 
$
61,607

 
$
60,557

 
$
61,137

 
 
 
 
 
 
 
 
Earnings (loss) per common share from continuing operations:
 
 
 
 
 
 
 
Basic
$
0.07

 
$
0.01

 
$
0.17

 
$
(0.26
)
Diluted
$
0.06

 
$
0.01

 
$
0.17

 
$
(0.26
)
 
 
 
 
 
 
 
 
(Loss) earnings per common share from discontinued operations:
 
 
 
 
 
 
 
Basic
$
(0.03
)
 
$
0.03

 
$
(0.10
)
 
$
0.02

Diluted
$
(0.03
)
 
$
0.03

 
$
(0.10
)
 
$
0.02

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
0.04

 
$
0.04

 
$
0.07

 
$
(0.24
)
Diluted
$
0.04

 
$
0.04

 
$
0.07

 
$
(0.24
)
 
 
 
 
 
 
 
 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)
1,024

 
1,503

 
1,046

 
2,986


The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended February 29, 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 November 30, 2019
82,248

 
$
16,450

 
$
187,772

 
$
(658,017
)
 
$
921,460

 
$
(114,412
)
 
$
(3,157
)
 
$
3,157

 
$
353,253

Net earnings

 

 

 

 
2,162

 

 

 

 
2,162

Other comprehensive loss, net of tax

 

 

 

 

 
(3,052
)
 

 

 
(3,052
)
Stock contribution to employee benefit plans and other
5

 
1

 
125

 

 

 

 

 

 
126

Restricted stock awards
259

 
52

 
(52
)
 

 

 

 

 

 

Stock based compensation expense

 

 
3,093

 

 

 

 

 

 
3,093

Stock option exercises
17

 
3

 
119

 

 

 

 

 

 
122

Tax effect related to net share settlement of equity awards

 

 
(1,425
)
 

 

 

 

 

 
(1,425
)
Stock issued to, acquired for and distributed from rabbi trust
11

 
2

 
84

 

 

 

 
723

 
(723
)
 
86

Balance at February 29, 2020
82,540

 
$
16,508

 
$
189,716

 
$
(658,017
)
 
$
923,622

 
$
(117,464
)
 
$
(2,434
)
 
$
2,434

 
$
354,365


The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended February 28, 2019 (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 November 30, 2018
81,503

 
$
16,301

 
$
171,606

 
$
(617,731
)
 
$
1,149,578

 
$
(182,189
)
 
$
(2,573
)
 
$
2,573

 
$
537,565

Net earnings

 

 

 

 
2,753

 

 

 

 
2,753

Other comprehensive income, net of tax

 

 

 

 

 
42,437

 

 

 
42,437

Stock contribution to employee benefit plans and other
6

 
1

 
125

 

 

 

 

 

 
126

Restricted stock awards
284

 
56

 
(56
)
 

 

 

 

 

 

Stock based compensation expense

 

 
3,568

 

 

 

 

 

 
3,568

Stock option exercises
20

 
4

 
349

 

 

 

 

 

 
353

Tax effect related to net share settlement of equity awards

 

 
(1,287
)
 

 

 

 

 

 
(1,287
)
Stock issued to, acquired for and distributed from rabbi trust
19

 
2

 
113

 

 

 

 
(416
)
 
416

 
115

Balance at February 28, 2019
81,832

 
$
16,364

 
$
174,418

 
$
(617,731
)
 
$
1,152,331

 
$
(139,752
)
 
$
(2,989
)
 
$
2,989

 
$
585,630




















The following table illustrates the changes in the balances of each component of shareholders' equity for the six months ended February 29, 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

 

 

 

 
4,283

 

 

 

 
4,283

Other comprehensive income, net of tax

 

 

 

 

 
57,875

 

 

 
57,875

Stock contribution to employee benefit plans and other
11

 
2

 
255

 

 

 

 

 

 
257

Restricted stock awards
449

 
90

 
(90
)
 

 

 

 

 

 

Treasury stock repurchases

 

 

 
(17,805
)
 

 

 

 

 
(17,805
)
Stock based compensation expense

 

 
9,630

 

 

 

 

 

 
9,630

Stock option exercises
145

 
29

 
2,602

 

 

 

 

 

 
2,631

Tax effect related to net share settlement of equity awards

 

 
(4,063
)
 

 

 

 

 

 
(4,063
)
Stock issued to, acquired for and distributed from rabbi trust
16

 
3

 
169

 

 

 

 
636

 
(636
)
 
172

Adoption of accounting standards (Note 1)

 

 

 

 
3,873

 
(3,667
)
 

 

 
206

Balance at February 29, 2020
82,540

 
$
16,508

 
$
189,716

 
$
(658,017
)
 
$
923,622

 
$
(117,464
)
 
$
(2,434
)
 
$
2,434

 
$
354,365


The following table illustrates the changes in the balances of each component of shareholders' equity for the six months ended February 28, 2019 (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, 2018
81,424

 
$
16,285

 
$
167,448

 
$
(617,731
)
 
$
1,166,955

 
$
(174,245
)
 
$
(2,450
)
 
$
2,450

 
$
558,712

Net loss

 

 

 

 
(14,699
)
 

 

 

 
(14,699
)
Other comprehensive income, net of tax

 

 

 

 

 
34,493

 

 

 
34,493

Stock contribution to employee benefit plans and other
10

 
2

 
242

 

 

 

 

 

 
244

Restricted stock awards
334

 
65

 
(65
)
 

 

 

 

 

 

Stock based compensation expense

 

 
7,162

 

 

 

 

 

 
7,162

Stock option exercises
41

 
8

 
779

 

 

 

 

 

 
787

Tax effect related to net share settlement of equity awards

 

 
(1,488
)
 

 

 

 

 

 
(1,488
)
Stock issued to, acquired for and distributed from rabbi trust
23

 
4

 
340

 

 

 

 
(539
)
 
539

 
344

Adoption of accounting standards

 

 

 

 
75

 

 

 

 
75

Balance at February 28, 2019
81,832

 
$
16,364

 
$
174,418

 
$
(617,731
)
 
$
1,152,331

 
$
(139,752
)
 
$
(2,989
)
 
$
2,989

 
$
585,630