Earnings (Loss) Per Share (Tables)

6 Months Ended

Feb. 28, 2023

Earnings Per Share [Abstract]

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

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

	Three Months Ended February 28,				Six Months Ended February 28,
(In thousands)	2023		2022		2023		2022
Weighted average basic common shares outstanding (1)		32,588		32,582		32,654		32,546
Dilutive effect of 2.875% convertible notes due 2024 (2)		821		815		—		—
Dilutive effect of 2.875% convertible notes due 2028 (3)		—		—		—		—
Dilutive effect of restricted stock units (4)		991		1,066		1,000		1,063
Weighted average diluted common shares outstanding		34,400		34,463		33,654		33,609

(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 the 2.875% Convertible notes due 2024 was excluded for the six months ended February 28, 2023 and 2022 as they were considered anti-dilutive under the “if converted” method as further discussed below.

(3) The dilutive effect of the 2.875% Convertible notes due 2028 was excluded for the three and six months ended February 28, 2023 and 2022 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 a premium is potentially dilutive under the "if converted" method as further discussed below.

(4) 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 Earnings per Share

	Three Months Ended February 28,						Six Months Ended February 28,
(in millions, except shares which are reflected in thousands, and per share amounts)	2023			2022			2023		2022
Net earnings attributable to Greenbrier	$	33.1		$	12.8		$	16.4	$	23.6
Weighted average basic common shares outstanding		32,588			32,582			32,654		32,546
Basic earnings per share	$	1.01		$	0.39		$	0.50	$	0.72
Net earnings attributable to Greenbrier	$	33.1		$	12.8		$	16.4	$	23.6
Add back:
Interest and debt issuance costs on the 2.875%      convertible notes due 2024, net of tax		0.3			0.3		n/a		n/a
Earnings before interest and debt issuance costs      on the 2.875% convertible notes due 2024	$	33.4		$	13.1		n/a		n/a
Weighted average diluted common shares outstanding		34,400			34,463			33,654		33,609
Diluted earnings per share	$	0.97	(1)	$	0.38	(1)	$	0.49	$	0.70

(1) Diluted earnings per share was calculated as follows:

Earnings before interest and debt issuance costs on the 2.875% convertible notes due 2024

Weighted average diluted common shares outstanding