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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Aug. 31, 2012
May 31, 2012
Feb. 29, 2012
Nov. 30, 2011
Aug. 31, 2011
May 31, 2011
Feb. 28, 2011
Nov. 30, 2010
Aug. 31, 2012
Aug. 31, 2011
Aug. 31, 2010
Revenue                      
Manufacturing $ 306,172 $ 364,930 $ 320,206 $ 262,656 $ 305,554 $ 173,487 $ 156,621 $ 85,440 $ 1,253,964 $ 721,102 $ 295,566
Wheel Services, Refurbishment & Parts 119,077 125,145 119,894 117,749 119,265 126,317 112,015 95,268 481,865 452,865 388,434
Leasing & Services 18,285 17,722 18,086 17,794 17,917 17,476 15,704 18,226 71,887 69,323 72,280
Revenue 443,534 507,797 458,186 398,199 442,736 317,280 284,340 198,934 1,807,716 [1] 1,243,290 [1] 756,280 [1]
Cost of revenue                      
Manufacturing 269,921 325,424 290,851 236,188 275,154 158,674 147,552 79,747 1,122,384 661,127 268,395
Wheel Services, Refurbishment & Parts 109,486 111,610 106,554 105,891 106,423 111,202 101,413 86,411 433,541 405,449 344,522
Leasing & Services 9,588 8,825 9,295 9,663 10,084 9,254 8,725 9,120 37,371 37,183 41,365
Cost of revenue 388,995 445,859 406,700 351,742 391,661 279,130 257,690 175,278 1,593,296 1,103,759 654,282
Margin 54,539 61,938 51,486 46,457 51,075 38,150 26,650 23,656 214,420 139,531 101,998
Selling and administrative 27,598 28,784 24,979 23,235 22,115 22,580 17,693 17,938 104,596 80,326 69,931
Gain on disposition of equipment (67) (2,585) (2,654) (3,658) (2,220) (1,678) (1,961) (2,510) (8,964) (8,369) (8,170)
Special items                     (11,870)
Earnings from operations 27,008 35,739 29,161 26,880 31,180 17,248 10,918 8,228 118,788 67,574 52,107
Other costs                      
Interest and foreign exchange 6,236 6,560 6,630 5,383 6,345 9,807 10,536 10,304 24,809 36,992 45,204
Loss (gain) on extinguishment of debt         5,650 10,007       15,657 (2,070)
Earnings before income tax and loss from unconsolidated affiliates 20,772 29,179 22,531 21,497 19,185 (2,566) 382 (2,076) 93,979 14,925 8,973
Income tax benefit (expense) (10,593) (8,655) (5,348) (7,797) (4,376) 301 (100) 611 (32,393) (3,564) 959
Earnings before loss from unconsolidated affiliates                 61,586 11,361 9,932
Loss from unconsolidated affiliates (317) 201 72 (372) (1,273) (539) (575) (587) (416) (2,974) (1,601)
Net earnings 9,862 20,725 17,255 13,328 13,536 (2,804) (293) (2,052) 61,170 8,387 8,331
Net earnings attributable to noncontrolling interest (2,458) (1,608) 415 1,189 (902) (510) (257) (252) (2,462) (1,921) (4,054)
Net earnings attributable to Greenbrier $ 7,404 $ 19,117 $ 17,670 $ 14,517 $ 12,634 $ (3,314) $ (550) $ (2,304) $ 58,708 $ 6,466 $ 4,277
Basic earnings per common share: $ 0.27 [2] $ 0.71 [2] $ 0.66 [2] $ 0.57 [2] $ 0.50 [3] $ (0.14) [3] $ (0.02) [3] $ (0.11) [3] $ 2.21 [2] $ 0.27 [3] $ 0.23
Diluted earnings per common share: $ 0.26 [4] $ 0.61 [4] $ 0.57 [4] $ 0.48 [4] $ 0.42 [5] $ (0.14) [5] $ (0.02) [5] $ (0.11) [5] $ 1.91 [4],[6] $ 0.24 [5] $ 0.21
Weighted average common shares:                      
Basic                 26,572 [7] 24,100 [7] 18,585 [7]
Diluted                 33,718 26,501 20,213
[1] Revenue is presented on the basis of geographic location of customers.
[2] Quarterly amounts do not total to the year to date amount as each period is calculated discretely.
[3] Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Unvested restricted stock awards are excluded from the per share calculation for the first, second and third quarters due to a net loss in each of those periods.
[4] Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Dilutive earnings per common share includes the outstanding warrants using the treasury stock method and the dilutive effect of shares underlying the 2018 Convertible Notes using the "if converted" method in which debt issuance and interest costs, net of tax, were added back to net earnings.
[5] Quarterly amounts do not total to the year to date amount as each period is calculated discretely. The dilutive effect of warrants is excluded from per share calculations for the first, second and third quarters due to net loss for those periods. The fourth quarter dilutive earnings per common share includes the outstanding warrants using the treasury stock method, which equates to 2.3 million shares, and the dilutive effect of 6.0 million shares underlying the 2018 Convertible Notes using the "if converted" method under which $1.4 million of debt issuance and interest costs, net of tax, were added back to net earnings.
[6] Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding
[7] Restricted stock grants are treated as outstanding when issued and are included in weighted average basic common shares outstanding when the Company is in a net earnings position.