EARNINGS PER SHARE

12 Months Ended

Aug. 31, 2023

NOTE 16. EARNINGS PER SHARE

Basic earnings per share ("EPS") is computed based on the weighted average shares of common stock outstanding during the period. Restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic EPS calculation until the shares vest. Diluted EPS is computed based on the weighted average shares of common stock plus the effect of dilutive securities outstanding during the period using the treasury stock method. The effect of dilutive securities includes the impact of outstanding stock-based incentive awards and shares purchased by employees through participation in the Company's employee stock purchase plan.

The calculations of basic and diluted EPS were as follows:


	Year Ended August 31,
(in thousands, except share and per share data)	2023		2022		2021
Net earnings	$	859,760	$	1,217,262	$	412,865

Average basic shares outstanding	117,077,703		120,648,090		120,338,357
Effect of dilutive securities	1,528,568		1,724,296		1,645,140
Average diluted shares outstanding	118,606,271		122,372,386		121,983,497

Earnings per share:
Basic	$	7.34	$	10.09	$	3.43
Diluted	7.25		9.95		3.38

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