Earnings Per Share (Tables)

12 Months Ended

Aug. 31, 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 the Company’s basic and diluted earnings per common share are reconciled as follows:

	Year Ended August 31,
(In thousands)	2023		2022		2021
Weighted average basic common shares outstanding 1		31,983		32,569		32,648
Dilutive effect of 2.875% Convertible notes, due 2024 2 3		824		—		—
Dilutive effect of 2.875% Convertible notes, due 2028 4		—		—		—
Dilutive effect of 2.25% Convertible notes, due 2024 5	n/a		n/a			—
Dilutive effect of restricted stock units 6		992		1,062		1,017
Weighted average diluted common shares outstanding		33,799		33,631		33,665

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. No participating securities are included in basic common shares outstanding for the year ended August 31, 2023.

2.The dilutive effect of the 2.875% Convertible notes, due 2024 was excluded for the year ended August 31, 2021 as the average stock price was less than the applicable conversion price and therefore was anti-dilutive under previous applicable guidance. See further discussion below.

3.The dilutive effect of the 2.875% Convertible notes due 2024 was excluded for the year ended August 31, 2022 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 years ended August 31, 2023, 2022 and 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 a premium is potentially dilutive.

5.The dilutive effect of the 2.25% Convertible notes, due 2024 was excluded for the year ended August 31, 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive under previous applicable guidance. These convertible notes 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 per Share

(In millions, except number of shares which are reflected in	Year Ended August 31,
thousands and per share amounts)	2023			2022		2021
Net earnings attributable to Greenbrier	$	62.5		$	46.9	$	32.4
Weighted average basic common shares outstanding		31,983			32,569		32,648
Basic earnings per share	$	1.95		$	1.44	$	0.99
Net earnings attributable to Greenbrier	$	62.5		$	46.9	$	32.4
Add back:
Interest and debt issuance costs on the 2.875%      convertible notes due 2024, net of tax		1.2		n/a		n/a
Earnings before interest and debt issuance costs      on the 2.875% convertible notes due 2024	n/a			n/a		n/a
Weighted average diluted common shares outstanding		33,799			33,631		33,665
Diluted earnings per share	$	1.89	1	$	1.40	$	0.96

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