Schedule of Earnings Per Share, Basic and Diluted |
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
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Three Months Ended February 28, |
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Six Months Ended February 28, |
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2022 |
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2021 |
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2022 |
|
2021 |
Numerator: |
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Net earnings from continuing operations |
$ |
2,121 |
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$ |
3,584 |
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$ |
5,306 |
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$ |
8,406 |
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Net loss from discontinued operations |
(900) |
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|
(402) |
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(1,297) |
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|
(626) |
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Net earnings |
$ |
1,221 |
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$ |
3,182 |
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|
4,009 |
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7,780 |
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Denominator: |
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Weighted average common shares outstanding - basic |
60,387 |
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59,938 |
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60,324 |
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59,874 |
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Net effect of dilutive securities - stock based compensation plans |
302 |
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|
331 |
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|
331 |
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|
306 |
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Weighted average common shares outstanding - diluted |
60,689 |
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60,269 |
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60,655 |
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60,180 |
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Earnings per common share from continuing operations: |
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Basic |
$ |
0.04 |
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$ |
0.06 |
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$ |
0.09 |
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$ |
0.14 |
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Diluted |
$ |
0.03 |
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$ |
0.06 |
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$ |
0.09 |
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$ |
0.14 |
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Loss per common share from discontinued operations: |
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Basic |
$ |
(0.01) |
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$ |
(0.01) |
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$ |
(0.02) |
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$ |
(0.01) |
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Diluted |
$ |
(0.01) |
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$ |
(0.01) |
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$ |
(0.02) |
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$ |
(0.01) |
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Earnings per common share:* |
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Basic |
$ |
0.02 |
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$ |
0.05 |
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$ |
0.07 |
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$ |
0.13 |
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Diluted |
$ |
0.02 |
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$ |
0.05 |
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$ |
0.07 |
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$ |
0.13 |
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Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) |
1,037 |
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932 |
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941 |
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1,211 |
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*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):
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Common Stock |
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Additional Paid-in Capital |
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Treasury Stock |
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Retained Earnings |
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Accumulated Other Comprehensive Loss |
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Stock Held in Trust |
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Deferred Compensation Liability |
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Total Shareholders’ Equity |
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Issued Shares |
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Amount |
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Balance at November 31, 2021 |
83,092 |
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$ |
16,622 |
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$ |
207,817 |
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$ |
(667,732) |
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$ |
956,127 |
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$ |
(103,028) |
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$ |
(3,092) |
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$ |
3,092 |
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$ |
409,806 |
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Net earnings |
— |
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— |
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— |
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— |
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1,221 |
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— |
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— |
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— |
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1,221 |
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Other comprehensive income, net of tax |
— |
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— |
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— |
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— |
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— |
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1,744 |
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— |
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— |
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1,744 |
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Stock contribution to employee benefit plans and other |
5 |
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1 |
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|
64 |
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— |
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— |
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— |
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— |
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— |
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65 |
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Vesting of equity awards |
247 |
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46 |
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(46) |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock based compensation expense |
— |
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— |
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2,142 |
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— |
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— |
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— |
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— |
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— |
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2,142 |
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Stock option exercises |
— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Tax effect related to net share settlement of equity awards |
— |
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— |
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(1,980) |
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— |
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— |
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— |
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— |
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— |
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(1,980) |
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Stock issued to, acquired for and distributed from rabbi trust |
1 |
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— |
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25 |
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— |
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— |
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— |
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3 |
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(3) |
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25 |
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Balance at February 28, 2022 |
83,345 |
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$ |
16,669 |
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$ |
208,022 |
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$ |
(667,732) |
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$ |
957,348 |
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$ |
(101,284) |
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$ |
(3,089) |
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$ |
3,089 |
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$ |
413,023 |
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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):
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Common Stock |
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Additional Paid-in Capital |
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Treasury Stock |
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Retained Earnings |
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Accumulated Other Comprehensive Loss |
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Stock Held in Trust |
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Deferred Compensation Liability |
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Total Shareholders’ Equity |
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Issued Shares |
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Amount |
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Balance at November 30, 2020 |
82,625 |
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$ |
16,525 |
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$ |
195,979 |
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$ |
(667,732) |
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$ |
922,269 |
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$ |
(99,095) |
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$ |
(2,643) |
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$ |
2,643 |
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$ |
367,946 |
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Net earnings |
— |
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— |
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— |
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— |
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|
3,182 |
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— |
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— |
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— |
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|
3,182 |
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Other comprehensive income, net of tax |
— |
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|
— |
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|
— |
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|
— |
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— |
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|
9,157 |
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— |
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— |
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|
9,157 |
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Stock contribution to employee benefit plans and other |
4 |
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|
1 |
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|
80 |
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— |
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— |
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— |
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— |
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— |
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|
81 |
|
Vesting of equity awards |
235 |
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|
47 |
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(47) |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock based compensation expense |
— |
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— |
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|
2,647 |
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— |
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— |
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— |
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— |
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— |
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2,647 |
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Tax effect related to net share settlement of equity awards |
— |
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|
— |
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(1,706) |
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— |
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— |
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— |
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— |
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— |
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(1,706) |
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Stock issued to, acquired for and distributed from rabbi trust |
15 |
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3 |
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|
83 |
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— |
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— |
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— |
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(353) |
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|
353 |
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|
86 |
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Balance at February 28, 2021 |
82,879 |
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$ |
16,576 |
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$ |
197,036 |
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$ |
(667,732) |
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$ |
925,451 |
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$ |
(89,938) |
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$ |
(2,996) |
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$ |
2,996 |
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$ |
381,393 |
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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):
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Common Stock |
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Additional Paid-in Capital |
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Treasury Stock |
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Retained Earnings |
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Accumulated Other Comprehensive Loss |
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Stock Held in Trust |
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Deferred Compensation Liability |
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Total Shareholders’ Equity |
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Issued Shares |
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Amount |
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Balance at August 31, 2021 |
83,022 |
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$ |
16,604 |
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$ |
202,971 |
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$ |
(667,732) |
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$ |
953,339 |
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|
$ |
(92,984) |
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$ |
(3,067) |
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$ |
3,067 |
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$ |
412,198 |
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Net earnings |
— |
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— |
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— |
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— |
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|
4,009 |
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|
— |
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— |
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|
— |
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|
4,009 |
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Other comprehensive loss, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
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|
— |
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|
(8,300) |
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|
— |
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|
— |
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|
(8,300) |
|
Stock contribution to employee benefit plans and other |
7 |
|
|
2 |
|
|
148 |
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— |
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— |
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|
— |
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— |
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|
— |
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|
150 |
|
Vesting of equity awards |
314 |
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|
63 |
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(63) |
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— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
|
Stock based compensation expense |
— |
|
|
— |
|
|
8,289 |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
|
|
8,289 |
|
Tax effect related to net share settlement of equity awards |
— |
|
|
— |
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|
(3,373) |
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|
— |
|
|
— |
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— |
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|
— |
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|
— |
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(3,373) |
|
Stock issued to, acquired for and distributed from rabbi trust |
2 |
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— |
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|
50 |
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— |
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— |
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— |
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(22) |
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22 |
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|
50 |
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Balance at February 28, 2022 |
83,345 |
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$ |
16,669 |
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$ |
208,022 |
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$ |
(667,732) |
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$ |
957,348 |
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|
$ |
(101,284) |
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|
$ |
(3,089) |
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$ |
3,089 |
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$ |
413,023 |
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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):
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Common Stock |
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Additional Paid-in Capital |
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Treasury Stock |
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Retained Earnings |
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Accumulated Other Comprehensive Loss |
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Stock Held in Trust |
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Deferred Compensation Liability |
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Total Shareholders’ Equity |
|
Issued Shares |
|
Amount |
|
Balance at August 31, 2020 |
82,594 |
|
|
$ |
16,519 |
|
|
$ |
193,492 |
|
|
$ |
(667,732) |
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|
$ |
917,671 |
|
|
$ |
(100,724) |
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|
$ |
(2,562) |
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$ |
2,562 |
|
|
$ |
359,226 |
|
Net earnings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,780 |
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|
— |
|
|
— |
|
|
— |
|
|
7,780 |
|
Other comprehensive income, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,786 |
|
|
— |
|
|
— |
|
|
10,786 |
|
Stock contribution to employee benefit plans and other |
10 |
|
|
2 |
|
|
180 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
182 |
|
Vesting of equity awards |
255 |
|
|
51 |
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|
(51) |
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|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
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 |
|
|
4 |
|
|
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 |
|
|