Capital Stock and Share Repurchase

3 Months Ended

Nov. 30, 2021

Note 10. Earnings per Share and Shareholders' Equity

The Company's Board of Directors has 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 22,799,230 shares of common stock for $667.7 million. As of November 30, 2021, the maximum number of shares that may yet be purchased under the programs is 5,200,770 shares. The Company did not repurchase shares in either of the three months ended November 30, 2021 or 2020.

The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):


	Three Months Ended November 30,
	2021		2020
Numerator:
Net earnings from continuing operations	$	3,185	$	4,822
Net loss from discontinued operations	(397)		(224)
Net earnings	$	2,788	$	4,598

Denominator:
Weighted average common shares outstanding - basic	60,261		59,811
Net effect of dilutive securities - stock based compensation plans	360		281
Weighted average common shares outstanding - diluted	60,621		60,092

Earnings per common share from continuing operations:
Basic	$	0.05	$	0.08
Diluted	$	0.05	$	0.08

Loss per common share from discontinued operations:
Basic	$	(0.01)	$	0.00
Diluted	$	(0.01)	$	0.00

Earnings per common share:*
Basic	$	0.05	$	0.08
Diluted	$	0.05	$	0.08

Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)	846		1,490

*The total of Earnings per share from continuing operations and Loss per share from discontinued operations may not equal Earnings per share due to rounding.

The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2021 (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, 2021	83,022	$	16,604	$	202,971	$	(667,732)	$	953,339	$	(92,984)	$	(3,067)	$	3,067	$	412,198
Net earnings	—	—		—		—		2,788		—		—		—		2,788
Other comprehensive income, net of tax	—	—		—		—		—		(10,044)		—		—		(10,044)
Stock contribution to employee benefit plans and other	2	1		84		—		—		—		—		—		85
Restricted stock awards	67	17		(17)		—		—		—		—		—		—
Stock based compensation expense	—	—		6,147		—		—		—		—		—		6,147
Tax effect related to net share settlement of equity awards	—	—		(1,393)		—		—		—		—		—		(1,393)
Stock issued to, acquired for and distributed from rabbi trust	1	—		25		—		—		—		(25)		25		25
Balance at November 31, 2021	83,092	$	16,622	$	207,817	$	(667,732)	$	956,127	$	(103,028)	$	(3,092)	$	3,092	$	409,806

The following table illustrates the changes in the balances of each component of shareholders' equity for the three months ended November 30, 2020 (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, 2020	82,594	$	16,519	$	193,492	$	(667,732)	$	917,671	$	(100,724)	$	(2,562)	$	2,562	$	359,226
Net earnings	—	—		—		—		4,598		—		—		—		4,598
Other comprehensive income, net of tax	—	—		—		—		—		1,629		—		—		1,629
Stock contribution to employee benefit plans and other	6	1		100		—		—		—		—		—		101
Restricted stock awards	20	4		(4)		—		—		—		—		—		—
Stock based compensation expense	—	—		2,581		—		—		—		—		—		2,581
Tax effect related to net share settlement of equity awards	—	—		(275)		—		—		—		—		—		(275)
Stock issued to, acquired for and distributed from rabbi trust	5	1		85		—		—		—		(81)		81		86
Balance at November 30, 2020	82,625	$	16,525	$	195,979	$	(667,732)	$	922,269	$	(99,095)	$	(2,643)	$	2,643	$	367,946