XML 58 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Feb. 28, 2014
Earnings Per Share [Abstract]  
Earning Per Share
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. The new equity plan approved in January 2013 changed the dividend provisions causing share-based payment awards to lose the right to receive nonforfeitable dividends. Due to this change, any shares granted after January 2013 are not participating securities as prescribed by the two-class method under ASC 260 and are accounted for in the diluted earnings per share calculation described below.

Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, restricted stock awards (unvested share-based payment awards without a right to receive nonforfeitable dividends) were vested, and other distributions related to deferred stock agreements were incurred. Stock options of approximately 71,780 and 109,110 for the three months ended February 28, 2014 and 2013, respectively, and approximately 50,762 and 77,764 for the six months ended February 28, 2014 and 2013, respectively, were excluded from the diluted earnings per share calculation as the effect of inclusion would have been antidilutive. There were no shares of restricted stock excluded from the diluted earnings per share calculation for the three and six months ended February 28, 2014 and 2013. Further discussion of the Company’s stock options and restricted stock awards is included within the Common Stock and Related Matters and Share-Based Payments footnotes of the Notes to Consolidated Financial Statements within the Company’s Form 10-K.
The following table calculates basic earnings per common share and diluted earnings per common share for the three and six months ended February 28, 2014 and 2013:
 
Three Months Ended
 
Six Months Ended
 
February 28, 2014
 
February 28, 2013
 
February 28, 2014
 
February 28, 2013
Basic Earnings per Share:
 

 
 

 
 
 
 
Net income
$
32.7

 
$
24.7

 
$
77.2

 
$
50.8

Less: Income attributable to participating securities
(0.3
)
 
(0.4
)
 
(0.7
)
 
(0.8
)
Net income available to common shareholders
$
32.4

 
$
24.3

 
$
76.5

 
$
50.0

Basic weighted average shares outstanding
42.8

 
42.1

 
42.7

 
41.9

Basic earnings per share
$
0.76

 
$
0.58

 
$
1.79

 
$
1.19

Diluted Earnings per Share:
 

 
 

 
 
 
 
Net income
$
32.7

 
$
24.7

 
$
77.2

 
$
50.8

Less: Income attributable to participating securities
(0.3
)
 
(0.4
)
 
(0.7
)
 
(0.8
)
Net income available to common shareholders
$
32.4

 
$
24.3

 
$
76.5

 
$
50.0

Basic weighted average shares outstanding
42.8

 
42.1

 
42.7

 
41.9

Common stock equivalents
0.3

 
0.4

 
0.3

 
0.5

Diluted weighted average shares outstanding
43.1

 
42.5

 
43.0

 
42.4

Diluted earnings per share
$
0.75

 
$
0.57

 
$
1.78

 
$
1.18