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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Aug. 31, 2015
Revenue      
Revenue [1] $ 2,169,164 $ 2,679,524 $ 2,605,278
Cost of revenue      
Cost of revenue 1,747,865 2,128,087 2,067,925
Margin 421,299 551,437 537,353
Selling and administrative 170,607 158,681 151,791
Net gain on disposition of equipment (9,740) (15,796) (1,330)
Earnings from operations 260,432 408,552 386,892
Other costs      
Interest and foreign exchange 24,192 13,502 11,179
Earnings before income tax and earnings (loss) from unconsolidated affiliates 236,240 395,050 375,713
Income tax expense (64,014) (112,322) (112,160)
Earnings before earnings (loss) from unconsolidated affiliates 172,226 282,728 263,553
Earnings (loss) from unconsolidated affiliates (11,764) 2,096 1,756
Net earnings 160,462 284,824 265,309
Net earnings attributable to noncontrolling interest (44,395) (101,611) (72,477)
Net earnings attributable to Greenbrier $ 116,067 $ 183,213 $ 192,832
Basic earnings per common share $ 3.97 [2] $ 6.28 [3] $ 6.85
Diluted earnings per common share [4] $ 3.65 [2] $ 5.73 [3] $ 5.93
Weighted average common shares:      
Basic [5] 29,225 29,156 28,151
Diluted 32,562 32,468 33,328
Dividends declared per common share $ 0.86 $ 0.81 $ 0.60
Manufacturing      
Revenue      
Revenue $ 1,725,188 $ 2,096,331 $ 2,136,051
Cost of revenue      
Cost of revenue 1,373,967 1,630,554 1,691,414
Earnings from operations 295,334 415,094 396,921
Wheels & Parts      
Revenue      
Revenue 312,679 322,395 371,237
Cost of revenue      
Cost of revenue 288,336 293,751 334,680
Earnings from operations 14,984 19,948 27,563
Leasing & Services      
Revenue      
Revenue 131,297 260,798 97,990
Cost of revenue      
Cost of revenue 85,562 203,782 41,831
Earnings from operations $ 31,904 $ 51,723 $ 41,887
[1] Revenue is presented on the basis of geographic location of customers.
[2] Quarterly amounts may not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2024 Convertible Notes using the treasury stock method when dilutive 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.
[3] Quarterly amounts may not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive 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.
[4] Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding
[5] Restricted stock grants and restricted stock units, 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 restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2017, 2016 and 2015.