STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

9 Months Ended

May 31, 2019

Earnings Per Share [Abstract]

Stockholder's equity and earnings per share

NOTE 15. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

The calculations of basic and diluted earnings per share from continuing operations for the three and nine months ended May 31, 2019 and 2018 were as follows: 

	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands, except share data)	2019		2018		2019		2018
Earnings from continuing operations	$	78,551	$	42,325	$	112,899	$	83,977
Basic earnings per share:
Shares outstanding for basic earnings per share	118,045,362		117,111,799		117,762,945		116,722,504
Basic earnings per share from continuing operations	$	0.67	$	0.36	$	0.96	$	0.72
Diluted earnings per share:
Shares outstanding for basic earnings per share	118,045,362		117,111,799		117,762,945		116,722,504
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,100,204		1,142,992		1,250,069		1,328,360
Shares outstanding for diluted earnings per share	119,145,566		118,254,791		119,013,014		118,050,864
Diluted earnings per share from continuing operations	$	0.66	$	0.36	$	0.95	$	0.71

CMC had 32,623 and 26,886 shares that were anti-dilutive for the three months ended May 31, 2019 and 2018, respectively. There are no anti-dilutive shares for the other periods presented.

CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.

During the first quarter of fiscal 2015, CMC's Board of Directors authorized a share repurchase program under which CMC may repurchase up to $100.0 million of shares of common stock. The timing and the amount of repurchases, if any, are determined by management based on an evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require the Company to purchase any dollar amount or number of shares of common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the nine months ended May 31, 2019, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million shares of common stock at May 31, 2019.