Earnings (Loss) Per Share (Tables)

3 Months Ended

Nov. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Computation of Basic and Diluted Earnings (Loss) Per Common Share

The shares used in the computation of basic and diluted earnings (loss) per common share are reconciled as follows:

	Three Months Ended November 30,
(In thousands)	2021		2020
Weighted average basic common shares outstanding (1)		32,510		32,723
Dilutive effect of 2.875% convertible notes due 2024 (2) (3)		—		—
Dilutive effect of 2.875% convertible notes due 2028 (4)		—	N/A
Dilutive effect of 2.25% convertible notes due 2024 (2) (5)	N/A			—
Dilutive effect of restricted stock units (2) (6)		1,060		—
Weighted average diluted common shares outstanding		33,570		32,723

(1) Restricted stock grants and restricted stock units that are considered participating securities, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.

(2) The dilutive effect of common stock equivalents was excluded from the share calculation for the three months ended November 30, 2020 due to a net loss.

(3) The dilutive effect of the 2.875% Convertible notes due 2024 was excluded for the three months ended November 30, 2021 as they were considered anti-dilutive under the “if converted” method as further discussed below.

(4) The dilutive effect of the 2.875% Convertible notes due 2028 was excluded for the three months ended November 30, 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. As these notes require cash settlement for the principal, only the premium is dilutive under the "if converted" method as further discussed below. These convertible notes were issued in April 2021.

(5) The 2.25% Convertible notes due 2024 were retired in April 2021.

(6) Restricted stock units that are not considered participating securities and restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.

Approach to Calculate Diluted Earning (Loss) per Share

	Three Months Ended November 30,
(in millions, except shares which are reflected in thousands, and per share amounts)	2021		2020
Net earnings (loss) attributable to Greenbrier	$	10.8	$	(10.0	)
Weighted average diluted common shares outstanding		33,570		32,723
Diluted earnings (loss) per share	$	0.32	$	(0.30	)