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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Aug. 31, 2016
Revenue      
Revenue [1] $ 2,519,464 $ 2,169,164 $ 2,679,524
Cost of revenue      
Cost of revenue 2,110,409 1,747,865 2,128,087
Margin 409,055 421,299 551,437
Selling and administrative 200,439 170,607 158,681
Net gain on disposition of equipment (44,369) (9,740) (15,796)
Earnings from operations 252,985 260,432 408,552
Other costs      
Interest and foreign exchange 29,368 24,192 13,502
Earnings before income tax and earnings (loss) from unconsolidated affiliates 223,617 236,240 395,050
Income tax expense (32,893) (64,014) (112,322)
Earnings before earnings (loss) from unconsolidated affiliates 190,724 172,226 282,728
Earnings (loss) from unconsolidated affiliates (18,661) (11,764) 2,096
Net earnings 172,063 160,462 284,824
Net earnings attributable to noncontrolling interest (20,282) (44,395) (101,611)
Net earnings attributable to Greenbrier $ 151,781 $ 116,067 $ 183,213
Basic earnings per common share $ 4.92 [2] $ 3.97 [3] $ 6.28
Diluted earnings per common share [4] $ 4.68 [2] $ 3.65 [3] $ 5.73
Weighted average common shares:      
Basic [5] 30,857 29,225 29,156
Diluted 32,835 32,562 32,468
Dividends declared per common share $ 0.96 $ 0.86 $ 0.81
Manufacturing      
Revenue      
Revenue $ 2,044,586 $ 1,725,188 $ 2,096,331
Cost of revenue      
Cost of revenue 1,727,407 1,373,967 1,630,554
Earnings from operations 240,901 295,334 415,094
Wheels, Repair & Parts      
Revenue      
Revenue 347,023 312,679 322,395
Cost of revenue      
Cost of revenue 318,330 288,336 293,751
Earnings from operations 16,731 14,984 19,948
Leasing & Services      
Revenue      
Revenue 127,855 131,297 260,798
Cost of revenue      
Cost of revenue 64,672 85,562 203,782
Earnings from operations $ 88,481 $ 31,904 $ 51,723
[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. Diluted earnings per common share includes the dilutive effect of the 2024 Convertible Notes using the treasury stock method when dilutive, restricted stock units that are not considered participating securities, restricted stock units that are subject to performance criteria for which actual levels of performance above target have been achieved and the dilutive effect of shares underlying the 2018 Convertible Notes, during the periods in which they were outstanding, using the "if converted" method in which debt issuance and interest costs, net of tax, were added back to net earnings. The 2018 Convertible notes matured on April 1, 2018.
[3] Quarterly amounts do 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, restricted stock units that are subject to performance criteria for which actual levels of performance above target have been achieved 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 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 restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2018, 2017 and 2016.