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Net Earnings Per Share
6 Months Ended
Feb. 28, 2023
Earnings Per Share [Abstract]  
Net Earnings Per Share

Note 3 – Net Earnings per Share

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.

The following table shows the computation of basic and diluted net earnings per share for the three and six months ended February 28, 2023 and 2022:

 

 

Three months ended

 

 

Six months ended

 

($ and shares in thousands, except per share amounts)

 

February 28,
2023

 

 

February 28,
2022

 

 

February 28,
2023

 

 

February 28,
2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

18,052

 

 

$

14,566

 

 

$

36,269

 

 

$

22,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

11,007

 

 

 

10,974

 

 

 

10,998

 

 

 

10,950

 

Diluted effect of stock awards

 

 

56

 

 

 

40

 

 

 

70

 

 

 

70

 

Weighted average shares outstanding assuming
   dilution

 

 

11,063

 

 

 

11,014

 

 

 

11,068

 

 

 

11,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

 

$

1.64

 

 

$

1.33

 

 

$

3.30

 

 

$

2.05

 

Diluted net earnings per share

 

$

1.63

 

 

$

1.32

 

 

$

3.28

 

 

$

2.04

 

 

Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three and six months ended February 28, 2023 and 2022.