STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

6 Months Ended

Feb. 29, 2024

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				Six Months Ended
(in thousands, except share and per share data)	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net earnings	$	85,847	$	179,849	$	262,120	$	441,623

Average basic shares outstanding	116,396,530		117,224,517		116,584,235		117,249,266
Effect of dilutive securities	1,127,583		1,498,742		1,467,014		1,735,832
Average diluted shares outstanding	117,524,113		118,723,259		118,051,249		118,985,098

Earnings per share:
Basic	$	0.74	$	1.53	$	2.25	$	3.77
Diluted	0.73		1.51		2.22		3.71

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 Board approved a share repurchase program under which the Company was authorized to repurchase up to $350.0 million of shares of CMC common stock. In January 2024, the Board authorized an increase of $500.0 million to the existing share repurchase program. During the three and six months ended February 29, 2024, the Company repurchased 945,205 and 1,566,848 shares of CMC common stock, at an average purchase price of $50.72 and $48.73 per share, respectively. The Company had remaining authorization to repurchase $510.4 million of shares of CMC common stock at February 29, 2024.