STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

3 Months Ended

Nov. 30, 2020

Stockholder's equity and earnings per share

NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

The calculations of basic and diluted earnings per share from continuing operations were as follows:


	Three Months Ended November 30,
(in thousands, except share data)	2020		2019
Earnings from continuing operations	$	63,911	$	82,755
Basic earnings per share:
Shares outstanding for basic earnings per share	119,762,706		118,370,191
Basic earnings per share from continuing operations	$	0.53	$	0.70
Diluted earnings per share:
Shares outstanding for basic earnings per share	119,762,706		118,370,191
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,365,338		1,403,347
Shares outstanding for diluted earnings per share	121,128,044		119,773,538
Diluted earnings per share from continuing operations	$	0.53	$	0.69

Anti-dilutive shares not included above were immaterial for all periods presented.

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

During the first quarter of 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. During the three months ended November 30, 2020, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of common stock at November 30, 2020.