Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.21.1
Capital Stock and Share Repurchase
6 Months Ended
Feb. 28, 2021
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 22,799,230 shares of common stock for $667.7 million. As of February 28, 2021, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company did not repurchase shares in the six months ended February 28, 2021. During the six months ended February 29, 2020, the Company repurchased 839,789 shares for $17.8 million. No shares were repurchased 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 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020
Numerator:
Net earnings from continuing operations $ 3,584  $ 3,918  $ 8,406  $ 10,290 
Net loss from discontinued operations (402) (1,756) (626) (6,007)
Net earnings $ 3,182  $ 2,162  7,780  4,283 
Denominator:
Weighted average common shares outstanding - basic 59,938  60,130  59,874  60,106 
Net effect of dilutive securities - stock based compensation plans 331  383  306  451 
Weighted average common shares outstanding - diluted 60,269  60,513  60,180  60,557 
Earnings per common share from continuing operations:
Basic $ 0.06  $ 0.07  $ 0.14  $ 0.17 
Diluted $ 0.06  $ 0.06  $ 0.14  $ 0.17 
Loss per common share from discontinued operations:
Basic $ (0.01) $ (0.03) $ (0.01) $ (0.10)
Diluted $ (0.01) $ (0.03) $ (0.01) $ (0.10)
Earnings per common share:
Basic $ 0.05  $ 0.04  $ 0.13  $ 0.07 
Diluted $ 0.05  $ 0.04  $ 0.13  $ 0.07 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 932  1,024  1,211  1,046 
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended February 28, 2021 (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, 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 80  —  —  —  —  —  81 
Vesting of restricted stock 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  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 
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 income, net of tax —  —  —  —  —  (3,052) —  —  (3,052)
Stock contribution to employee benefit plans and other 125  —  —  —  —  —  126 
Vesting of restricted stock awards 259  52  (52) —  —  —  —  —  — 
Stock based compensation expense —  —  3,093  —  —  —  —  —  3,093 
Stock option exercises 17  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  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 six months ended February 28, 2021 (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, 2020 82,594  $ 16,519  $ 193,492  $ (667,732) $ 917,671  $ (100,724) $ (2,562) $ 2,562  $ 359,226 
Net earnings —  —  —  —  7,780  —  —  —  7,780 
Other comprehensive income, net of tax —  —  —  —  —  10,786  —  —  10,786 
Stock contribution to employee benefit plans and other 10  180  —  —  —  —  —  182 
Vesting of restricted stock awards 255  51  (51) —  —  —  —  —  — 
Stock based compensation expense —  —  5,227  —  —  —  —  —  5,227 
Tax effect related to net share settlement of equity awards —  —  (1,981) —  —  —  —  —  (1,981)
Stock issued to, acquired for and distributed from rabbi trust 20  169  —  —  —  (434) 434  173 
Balance at February 28, 2021 82,879  16,576  $ 197,036  $ (667,732) $ 925,451  $ (89,938) $ (2,996) $ 2,996  $ 381,393 
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  255  —  —  —  —  —  257 
Vesting of 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  169  —  —  —  636  (636) 172 
Adoption of accounting standards —  —  —  —  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