Earnings Per Common Share

9 Months Ended

May 31, 2022

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 9. Earnings per Common Share

The table below reconciles net income to net income available to common shareholders (in thousands):

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Net income	$	14,480	$	21,006	$	52,543	$	61,820
Less: Net income allocated to
participating securities		(56)		(73)		(193)		(247)
Net income available to common shareholders	$	14,424	$	20,933	$	52,350	$	61,573

The table below summarizes the weighted-average number of common shares outstanding included in the calculation of basic and diluted EPS (in thousands):

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Weighted-average common
shares outstanding, basic		13,656		13,708		13,683		13,694
Weighted-average dilutive securities		24		38		29		33
Weighted-average common
shares outstanding, diluted		13,680		13,746		13,712		13,727

For the three and nine months ended May 31, 2022, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 11,607 and 8,677, respectively, were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive. For the three and nine months ended May 31, 2021, there were no anti-dilutive stock-based equity awards outstanding.