Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v3.22.1
Capital Stock and Share Repurchase
6 Months Ended
Feb. 28, 2022
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchase
Note 10. 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, 2022, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company suspended the share repurchase program in response to the COVID-19 pandemic in the third quarter of fiscal 2020 and, accordingly, did not repurchase shares in either of the six months ended February 28, 2022 or 2021. As the Company again considers strategic share repurchases, the Company's Board of Directors, in March 2022, rescinded its prior share repurchase authorization and authorized the repurchase of a total of 10,000,000 shares.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
  Three Months Ended February 28, Six Months Ended February 28,
  2022 2021 2022 2021
Numerator:
Net earnings from continuing operations $ 2,121  $ 3,584  $ 5,306  $ 8,406 
Net loss from discontinued operations (900) (402) (1,297) (626)
Net earnings $ 1,221  $ 3,182  4,009  7,780 
Denominator:
Weighted average common shares outstanding - basic 60,387  59,938  60,324  59,874 
Net effect of dilutive securities - stock based compensation plans 302  331  331  306 
Weighted average common shares outstanding - diluted 60,689  60,269  60,655  60,180 
Earnings per common share from continuing operations:
Basic $ 0.04  $ 0.06  $ 0.09  $ 0.14 
Diluted $ 0.03  $ 0.06  $ 0.09  $ 0.14 
Loss per common share from discontinued operations:
Basic $ (0.01) $ (0.01) $ (0.02) $ (0.01)
Diluted $ (0.01) $ (0.01) $ (0.02) $ (0.01)
Earnings per common share:*
Basic $ 0.02  $ 0.05  $ 0.07  $ 0.13 
Diluted $ 0.02  $ 0.05  $ 0.07  $ 0.13 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) 1,037  932  941  1,211 
*The total of Earnings per share from continuing operations and Loss 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 February 28, 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 November 31, 2021 83,092  $ 16,622  $ 207,817  $ (667,732) $ 956,127  $ (103,028) $ (3,092) $ 3,092  $ 409,806 
Net earnings —  —  —  —  1,221  —  —  —  1,221 
Other comprehensive income, net of tax —  —  —  —  —  1,744  —  —  1,744 
Stock contribution to employee benefit plans and other 64  —  —  —  —  —  65 
Vesting of equity awards 247  46  (46) —  —  —  —  —  — 
Stock based compensation expense —  —  2,142  —  —  —  —  —  2,142 
Stock option exercises —  —  —  —  —  —  —  —  — 
Tax effect related to net share settlement of equity awards —  —  (1,980) —  —  —  —  —  (1,980)
Stock issued to, acquired for and distributed from rabbi trust —  25  —  —  —  (3) 25 
Balance at February 28, 2022 83,345  $ 16,669  $ 208,022  $ (667,732) $ 957,348  $ (101,284) $ (3,089) $ 3,089  $ 413,023 
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 equity 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 six months ended February 28, 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, 2021 83,022  $ 16,604  $ 202,971  $ (667,732) $ 953,339  $ (92,984) $ (3,067) $ 3,067  $ 412,198 
Net earnings —  —  —  —  4,009  —  —  —  4,009 
Other comprehensive loss, net of tax —  —  —  —  —  (8,300) —  —  (8,300)
Stock contribution to employee benefit plans and other 148  —  —  —  —  —  150 
Vesting of equity awards 314  63  (63) —  —  —  —  —  — 
Stock based compensation expense —  —  8,289  —  —  —  —  —  8,289 
Tax effect related to net share settlement of equity awards —  —  (3,373) —  —  —  —  —  (3,373)
Stock issued to, acquired for and distributed from rabbi trust —  50  —  —  —  (22) 22  50 
Balance at February 28, 2022 83,345  $ 16,669  $ 208,022  $ (667,732) $ 957,348  $ (101,284) $ (3,089) $ 3,089  $ 413,023 
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 equity 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