STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

3 Months Ended

Nov. 30, 2021

Stockholder's equity and earnings per share

NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

Basic EPS is computed based on the weighted average shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average shares of common stock plus the effect of dilutive securities outstanding during the period using the treasury stock method. The effect of dilutive securities includes the impact of outstanding stock-based incentive awards and shares purchased by employees through participation in the Company's employee stock purchase plan.

The calculations of basic and diluted EPS from continuing operations were as follows:


	Three Months Ended November 30,
(in thousands, except share and per share data)	2021		2020
Earnings from continuing operations	$	232,889	$	63,911

Average basic shares outstanding	121,129,679		119,762,706
Effect of dilutive securities	1,668,059		1,365,338
Average diluted shares outstanding	122,797,738		121,128,044

Earnings per share from continuing operations:
Basic	$	1.92	$	0.53
Diluted	$	1.90	$	0.53

Anti-dilutive shares not included above were immaterial for all periods presented.

Restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic EPS calculation until the shares vest.

In October 2021, CMC's Board of Directors authorized a share repurchase program under which CMC may repurchase up to $350.0 million of shares of common stock. During the three months ended November 30, 2021, the Company repurchased

159,500 shares of CMC common stock, at an average purchase price of $33.28 per share. CMC had remaining authorization to repurchase $344.7 million of shares of common stock at November 30, 2021.