Earnings (Loss) Per Share (Tables)

6 Months Ended

Feb. 28, 2021

Reconciliation of Shares Used in Computation of Basic and Diluted Earnings (Loss) Per Common Share

The shares used in the computation of basic and diluted earnings (loss) per common share are reconciled as follows:

	Three Months Ended				Six Months Ended
(In thousands)	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Weighted average basic common shares outstanding ⁽¹⁾		32,810		32,661		32,766		32,645
Dilutive effect of 2.875% convertible notes ⁽²⁾⁽³⁾		—		—		—		—
Dilutive effect of 2.25% convertible notes ⁽²⁾⁽⁴⁾		—		—		—		—
Dilutive effect of restricted stock units ⁽²⁾⁽⁵⁾		—		821		—		737
Weighted average diluted common shares outstanding		32,810		33,482		32,766		33,382

(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.

(2)	The dilutive effect of common stock equivalents was excluded from the share calculation for the three and six months ended February 28, 2021 due to a net loss.

(3)	The dilutive effect of the 2.875% convertible notes was excluded for the three and six months ended February 29, 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

(4)	The dilutive effect of the 2.25% convertible notes was excluded for the three and six months ended February 29, 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

(5)

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 (Loss) per Share

	Three Months Ended					Six Months Ended
	February 28, 2021			February 29, 2020		February 28, 2021			February 29, 2020
Net earnings (loss) attributable to Greenbrier	$	(9,065	)	$	13,629	$	(19,037	)	$	21,298
Weighted average diluted common shares outstanding		32,810			33,482		32,766			33,382
Diluted earnings (loss) per share	$	(0.28	)	$	0.41	$	(0.58	)	$	0.64