STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

3 Months Ended

Nov. 30, 2023

Stockholder's equity and earnings per share

NOTE 11. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

The Company's calculation of basic earnings per share ("EPS") and diluted EPS are described in Note 16, Earnings Per Share, to the consolidated financial statements in the 2023 Form 10-K.

The calculations of basic and diluted EPS were as follows:


	Three Months Ended November 30,
(in thousands, except share and per share data)	2023		2022
Net earnings	$	176,273	$	261,774

Average basic shares outstanding	116,771,939		117,273,743
Effect of dilutive securities	1,582,974		1,651,699
Average diluted shares outstanding	118,354,913		118,925,442

Earnings per share:
Basic	$	1.51	$	2.23
Diluted	1.49		2.20

For all periods presented above, the Company had immaterial anti-dilutive shares, which were not included in the computation of average diluted shares outstanding.

In October 2021, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $350.0 million of shares of CMC common stock. During the three months ended November 30, 2023, the Company repurchased 621,643 shares of CMC common stock, at an average purchase price of $45.70 per share. The Company had remaining authorization to repurchase $58.3 million of shares of CMC common stock at November 30, 2023.