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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
May 31, 2013
May 31, 2012
May 31, 2013
May 31, 2012
Revenue        
Manufacturing $ 284,591 $ 364,930 $ 864,006 $ 947,792
Wheels, Repair & Parts 131,167 125,145 355,219 362,788
Leasing & Services 17,905 17,722 52,978 53,601
Revenue 433,663 507,797 1,272,203 1,364,181
Cost of revenue        
Manufacturing 253,360 325,424 774,502 852,464
Wheels, Repair & Parts 120,476 111,610 325,086 324,055
Leasing & Services 9,808 8,825 26,542 27,783
Cost of revenue 383,644 445,859 1,126,130 1,204,302
Margin 50,019 61,938 146,073 159,879
Selling and administrative expense 25,322 28,784 76,364 76,998
Net gain on disposition of equipment (5,131) (2,585) (9,615) (8,897)
Goodwill impairment 76,900 [1]   76,900 [1],[2]  
Earnings (loss) from operations (47,072) 35,739 2,424 91,778
Other costs        
Interest and foreign exchange 5,905 6,560 18,127 18,574
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (52,977) 29,179 (15,703) 73,204
Income tax expense (2,729) (8,655) (12,905) (21,798)
Earnings (loss) before earnings (loss) from unconsolidated affiliates (55,706) 20,524 (28,608) 51,406
Earnings (loss) from unconsolidated affiliates 82 201 (63) (99)
Net earnings (loss) (55,624) 20,725 (28,671) 51,307
Net earnings attributable to noncontrolling interest (406) (1,608) (3,093) (4)
Net earnings (loss) attributable to Greenbrier $ (56,030) $ 19,117 $ (31,764) $ 51,303
Basic earnings (loss) per common share $ (2.10) $ 0.71 $ (1.20) $ 1.94
Diluted earnings (loss) per common share $ (2.10) $ 0.61 [3] $ (1.20) $ 1.65 [3]
Weighted average common shares:        
Basic 26,619 [4],[5] 26,981 [4],[5] 26,510 [4],[5] 26,378 [4],[5]
Diluted 26,619 33,862 26,510 33,640
[1] Relates to the Wheels, Repair & Parts segment.
[2] Goodwill impairment relates to the non-cash goodwill impairment charge recognized as part of the Company's annual goodwill impairment analysis as further discussed below.
[3] Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding
[4] 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. Shares outstanding exclude shares of unvested restricted stock for the three and nine months ended May 31, 2013 due to a net loss.
[5] Restricted stock units were granted during the three months ended May 31, 2013. Restricted stock units are not included in weighted average basic common shares outstanding. The dilutive effect of restricted stock units is included in the weighted average diluted common shares outstanding when the Company is in a net earnings position.