Earnings Per Share

6 Months Ended

Feb. 29, 2024

EARNINGS PER SHARE

Basic earnings per common share ("Basic EPS") is computed by dividing net income by the number of weighted average common shares outstanding during the period. Diluted earnings per common share ("Diluted EPS") is computed using the treasury stock method, by dividing net income by the cumulative weighted average common shares that are outstanding or are issuable upon the exercise of outstanding stock-based compensation awards during the period.

A reconciliation of the weighted average shares outstanding used in the Basic EPS and Diluted EPS computation is as follows:


	Three Months Ended				Six Months Ended
	February 29,		February 28,		February 29,		February 28,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator
Net income used for calculating Basic EPS and Diluted EPS	$	140,940	$	131,593	$	289,495	$	268,391
Denominator
Weighted average common shares used in the calculation of Basic EPS	38,103		38,281		38,059		38,201
Common stock equivalents associated with stock-based compensation plan	547		700		587		746
Shares used in the calculation of Diluted EPS	38,650		38,981		38,646		38,947
Basic EPS	$	3.70	$	3.44	$	7.61	$	7.03
Diluted EPS	$	3.65	$	3.38	$	7.49	$	6.89

Stock options that were out-of-the-money and performance share units ("PSUs") in which the performance criteria have not been met as of the end of the respective reporting period are omitted from the calculation of Diluted EPS as their impact was antidilutive. The following table presents those awards that were excluded from Diluted EPS for the periods presented:


	As of February 29,	As of February 28,
(in thousands)	2024	2023
Out-of-the-money stock options	0	543
PSUs	95	93