| Capital Stock and Share Repurchase |
Note 11. Earnings per Share and Shareholders' Equity The Company's Board of Directors authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. Since the inception of the initial share repurchase program in fiscal 2012, the Company has repurchased 22,295,357 shares of common stock for $658.0 million. As of November 30, 2019, the maximum number of shares that may yet be purchased under the programs is 5,704,643 shares. During the three months ended November 30, 2019 the Company repurchased 839,789 shares for $17.8 million. The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts): | | | | | | | | | | Three Months Ended November 30, | | 2019 | | 2018 | Numerator: | | | | Net earnings (loss) from continuing operations | $ | 6,372 |
| | $ | (16,423 | ) | Net loss from discontinued operations | (4,251 | ) | | (1,029 | ) | Net earnings (loss) | 2,121 |
| | (17,452 | ) | | | | | Denominator: | | | | Weighted average common shares outstanding - basic | 60,081 |
| | 61,031 |
| Net effect of dilutive securities - stock based compensation plans | 520 |
| | — |
| Weighted average common shares outstanding - diluted | $ | 60,601 |
| | $ | 61,031 |
| | | | | Earnings (loss) per common share from continuing operations: | | | | Basic | $ | 0.11 |
| | $ | (0.27 | ) | Diluted | $ | 0.11 |
| | $ | (0.27 | ) | | | | | Loss per common share from discontinued operations: | | | | Basic | $ | (0.07 | ) | | $ | (0.02 | ) | Diluted | $ | (0.07 | ) | | $ | (0.02 | ) | | | | | Earnings (loss) per common share: | | | | Basic | $ | 0.04 |
| | $ | (0.29 | ) | Diluted | $ | 0.03 |
| | $ | (0.29 | ) | | | | | Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation) | 1,068 |
| | 2,973 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2019 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Additional
Paid-in
Capital | | Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Loss | | Stock
Held in
Trust | | Deferred
Compensation
Liability | | Total
Shareholders’
Equity | | Issued
Shares | | Amount | | Balance at August 31, 2019 | 81,919 |
| | $ | 16,384 |
| | $ | 181,213 |
| | $ | (640,212 | ) | | $ | 915,466 |
| | $ | (171,672 | ) | | $ | (3,070 | ) | | $ | 3,070 |
| | $ | 301,179 |
| Net earnings | — |
| | — |
| | — |
| | — |
| | 2,121 |
| | — |
| | — |
| | — |
| | 2,121 |
| Other comprehensive income, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | 60,927 |
| | — |
| | — |
| | 60,927 |
| Stock contribution to employee benefit plans and other | 6 |
| | 1 |
| | 130 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 131 |
| Restricted stock awards | 190 |
| | 38 |
| | (38 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Treasury stock repurchases | — |
| | — |
| | — |
| | (17,805 | ) | | — |
| | — |
| | — |
| | — |
| | (17,805 | ) | Stock based compensation expense | — |
| | — |
| | 6,537 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 6,537 |
| Stock option exercises | 128 |
| | 26 |
| | 2,483 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2,509 |
| Tax effect related to net share settlement of equity awards | — |
| | — |
| | (2,638 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (2,638 | ) | Stock issued to, acquired for and distributed from rabbi trust | 5 |
| | 1 |
| | 85 |
| | — |
| | — |
| | — |
| | (87 | ) | | 87 |
| | 86 |
| Adoption of accounting standards (Note 1) | — |
| | — |
| | — |
| | — |
| | 3,873 |
| | (3,667 | ) | | — |
| | — |
| | 206 |
| Balance at November 30, 2019 | 82,248 |
| | $ | 16,450 |
| | $ | 187,772 |
| | $ | (658,017 | ) | | $ | 921,460 |
| | $ | (114,412 | ) | | $ | (3,157 | ) | | $ | 3,157 |
| | $ | 353,253 |
|
The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2018 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Additional
Paid-in
Capital | | Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Loss | | Stock
Held in
Trust | | Deferred
Compensation
Liability | | Total
Shareholders’
Equity | | Issued
Shares | | Amount | | Balance at August 31, 2018 | 81,424 |
| | $ | 16,285 |
| | $ | 167,448 |
| | $ | (617,731 | ) | | $ | 1,166,955 |
| | $ | (174,245 | ) | | $ | (2,450 | ) | | $ | 2,450 |
| | $ | 558,712 |
| Net loss | — |
| | — |
| | — |
| | — |
| | (17,452 | ) | | — |
| | — |
| | — |
| | (17,452 | ) | Other comprehensive income, net of tax | — |
| | — |
| | — |
| | — |
| | — |
| | (7,944 | ) | | — |
| | — |
| | (7,944 | ) | Stock contribution to employee benefit plans and other | 5 |
| | 1 |
| | 117 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 118 |
| Restricted stock awards | 46 |
| | 9 |
| | (9 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Stock based compensation expense | — |
| | — |
| | 3,594 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3,594 |
| Stock option exercises | 20 |
| | 4 |
| | 430 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 434 |
| Tax effect related to net share settlement of equity awards | — |
| | — |
| | (201 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (201 | ) | Stock issued to, acquired for and distributed from rabbi trust | 8 |
| | 2 |
| | 227 |
| | — |
| | — |
| | — |
| | (123 | ) | | 123 |
| | 229 |
| Adoption of accounting standards* | — |
| | — |
| | — |
| | — |
| | 75 |
| | — |
| | — |
| | — |
| | 75 |
| Balance at November 30, 2018 | 81,503 |
| | $ | 16,301 |
| | $ | 171,606 |
| | $ | (617,731 | ) | | $ | 1,149,578 |
| | $ | (182,189 | ) | | $ | (2,573 | ) | | $ | 2,573 |
| | $ | 537,565 |
|
* Impact of the adoption of ASC 606, Revenue from Contracts with Customers.
|