STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

9 Months Ended

May 31, 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 May 31,				Nine Months Ended May 31,
(in thousands, except share and per share data)	2024		2023		2024		2023
Net earnings	$	119,440	$	233,971	$	381,560	$	675,594

Average basic shares outstanding	115,529,942		117,066,623		116,228,826		117,192,710
Effect of dilutive securities	1,134,943		1,331,276		1,354,229		1,554,374
Average diluted shares outstanding	116,664,885		118,397,899		117,583,055		118,747,084

Earnings per share:
Basic	$	1.03	$	2.00	$	3.28	$	5.76
Diluted	1.02		1.98		3.25		5.69

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 nine months ended May 31, 2024, the Company repurchased 931,281 and 2,498,129 shares of CMC common stock, at an average purchase price of $55.64 and $51.30 per share, respectively. The Company had remaining authorization to repurchase $458.6 million of shares of CMC common stock at May 31, 2024.