Earnings Per Share

3 Months Ended

Nov. 30, 2021

EARNINGS PER SHARE

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share ("EPS") computations is as follows:


	Three Months Ended
	November 30,
(in thousands, except per share data)	2021		2020
Numerator
Net income used for calculating basic and diluted income per share	$	107,647	$	101,206
Denominator
Weighted average common shares used in the calculation of basic income per share	37,678		38,007
Common stock equivalents associated with stock-based compensation plan	963		690
Shares used in the calculation of diluted income per share	38,641		38,697
Basic income per share	$	2.86	$	2.66
Diluted income per share	$	2.79	$	2.62

Dilutive potential common shares consist of stock options and unvested performance-based awards. There were 298,900 stock options excluded from the calculation of diluted EPS for the three months ended November 30, 2021, because their inclusion would have been anti-dilutive. For the three months ended November 30, 2020, the number of stock options excluded from calculation of diluted EPS was 1,750.

Performance-based awards are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. For the three months ended November 30, 2021, there were 97,511 performance-based awards excluded from the calculation of diluted EPS. For the three months ended November 30, 2020, there were 72,090 performance-based awards excluded from the calculation of diluted EPS.