Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Share Repurchase

v2.4.1.9
Capital Stock and Share Repurchase
 6 Months Ended
Feb. 28, 2015
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchase
The Company's Board of Directors has authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. The following table summarizes the total capital deployed for share repurchases:
Period
 
Shares Repurchased
 
Average Price Paid per Share
Fiscal 2012
 
2,658,751

 
$
23.70

Fiscal 2013
 
1,324,762

 
31.55

Fiscal 2014
 
8,211,846

 
34.52

Fiscal 2015 (September 1 - February 28)
 
6,241,158

 
28.90

 
 
18,436,517

 
$
30.84


At February 28, 2015, the Company could repurchase an additional 2,563,483 shares under existing share repurchase authorizations. In March 2015, the Board of Directors authorized a new stock repurchase program to acquire up to 7,000,000 additional shares of the Company’s outstanding Class A common stock.
The reconciliation between basic and diluted earnings (loss) per share from continuing operations is as follows (in thousands, except per share amounts):
 
Three Months Ended February 28,
 
Six Months Ended February 28,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
(64,838
)
 
$
22,304

 
$
(40,164
)
 
$
55,309

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
61,759

 
72,227

 
63,045

 
72,656

Net effect of dilutive securities—stock based compensation plans (1)
—

 
1,546

 
—

 
1,736

Weighted average common shares outstanding - diluted
61,759

 
73,773

 
63,045

 
74,392

 
 
 
 
 
 
 
 
Earnings (loss) per common share from continuing operations:
 
 
 
 
 
 
 
        Basic
$
(1.05
)
 
$
0.31

 
$
(0.64
)
 
$
0.76

        Diluted
$
(1.05
)
 
$
0.30

 
$
(0.64
)
 
$
0.74

 
 
 
 
 
 
 
 
Anti-dilutive securities stock based compensation plans (excluded from earnings per share calculation)
4,761

 
403

 
4,761

 
201


(1) As a result of the impairment charge which caused a loss from continuing operations for the three and six months ended February 28, 2015, shares from stock based compensation plans are excluded from the calculation of diluted earnings (loss) per share, as the result would be anti-dilutive.