Common Stock and Related Matters

Common Stock

Changes in common stock for the years ended August 31, 2012, 2011, and 2010 were as follows:



	Common Stock
	Shares	Amount
		(At par)
Balance at August 31, 2009	49.8	$	0.5
Issuance of restricted stock grants, net of forfeitures	0.2	—
Stock options exercised	0.4	—
Balance at August 31, 2010	50.4	$	0.5
Issuance of restricted stock grants, net of forfeitures	0.3	—
Stock options exercised	0.3	—
Balance at August 31, 2011	51.0	$	0.5
Issuance of restricted stock grants, net of forfeitures	0.2	—
Stock options exercised	0.3	—
Balance at August 31, 2012	51.5	$	0.5

During fiscal 2012, the Company reacquired 252,000 shares (whole units) of the Company’s outstanding common stock at a total cost of $9.2, which completed the plan to repurchase two million shares previously authorized by the Board of Directors in July 2010. As of fiscal year-end, the Company had 9.7 million repurchased shares recorded as treasury stock at an original repurchase cost of $420.2.

In September 2011, the Company's Board of Directors authorized the repurchase of an additional two million shares, or almost 5%, of the Company's outstanding common stock. No shares were repurchased during fiscal 2012 under the repurchase plan approved in September 2011.

Preferred Stock

The Company has 50 million shares of preferred stock authorized. No shares of preferred stock were issued in fiscal 2012 or 2011.

Earnings per Share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding, which has been modified to include the effects of all participating securities (unvested share-based payment awards with a right to receive nonforfeitable dividends) as prescribed by the two-class method under ASC Topic 260, Earnings Per Share (“ASC 260”), during the period. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised and restricted stock awards were vested. Stock options of approximately 180,000 and 135,000 (whole units) were excluded from the diluted earnings per share calculation for the years ended August 31, 2012 and 2011, respectively, as the effect of inclusion would have been antidilutive.

The following table calculates basic earnings per common share and diluted earnings per common share for the years ended August 31, 2012, 2011, and 2010:



	Years Ended August 31,
	2012			2011			2010
Basic Earnings per Share from Continuing Operations:
Income from continuing operations	$	116.3		$	105.5		$	79.0
Less: Income attributable to participating securities	(2.2		)	(1.9		)	(1.4		)
Income from continuing operations available to common shareholders	$	114.1		$	103.6		$	77.6
Basic weighted average shares outstanding	41.4			42.2			42.5
Basic earnings per share from continuing operations	$	2.75		$	2.46		$	1.83
Diluted Earnings per Share from Continuing Operations:
Income from continuing operations	$	116.3		$	105.5		$	79.0
Less: Income attributable to participating securities	(2.2		)	(1.9		)	(1.4		)
Income from continuing operations available to common shareholders	$	114.1		$	103.6		$	77.6
Basic weighted average shares outstanding	41.4			42.2			42.5
Common stock equivalents	0.5			0.6			0.8
Diluted weighted average shares outstanding	41.9			42.8			43.3
Diluted earnings per share from continuing operations	$	2.72		$	2.42		$	1.79
Basic Earnings per Share from Discontinued Operations:
Income from discontinued operations	$	—		$	—		$	0.6
Basic weighted average shares outstanding	41.4			42.2			42.5
Basic earnings per share from discontinued operations	$	—		$	—		$	0.01
Diluted Earnings per Share from Discontinued Operations:
Income from discontinued operations	$	—		$	—		$	0.6
Basic weighted average shares outstanding	41.4			42.2			42.5
Common stock equivalents	0.5			0.6			0.8
Diluted weighted average shares outstanding	41.9			42.8			43.3
Diluted earnings per share from discontinued operations	$	—		$	—		$	0.01