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Capital Stock and Share Repurchase
 9 Months Ended
May 31, 2024
Earnings Per Share [Abstract]  
Capital Stock and Share Repurchase
Note 10. Earnings per Share and Shareholders' Equity
The Company's Board of Directors has authorized the repurchase of shares of the Company's common stock under publicly announced share repurchase programs. Since the inception of the initial share repurchase program in fiscal 2012, the Company has repurchased 29,938,482 shares of common stock for $833.2 million. The Company suspended the initial share repurchase program in response to the COVID-19 pandemic in the third quarter of fiscal 2020. In March 2022, the Company's Board of Directors rescinded its prior share repurchase authorization and approved a new share repurchase program authorizing the repurchase of a total of 10,000,000 shares of the Company's outstanding common stock. The Company repurchased 1,165,767 shares for $32.7 million in the nine months ended May 31, 2024 and repurchased 843,689 shares for $20.8 million in the nine months ended May 31, 2023. As of May 31, 2024, the maximum number of shares that may yet be purchased under the program is 2,860,748 shares.
In December 2023, the Company's Board of Directors authorized the retirement of the Company's repurchased shares, and the Company retired 29,841,209 treasury shares. The initial share retirement resulted in reductions of $6.0 million in Class A Common Stock and $824.6 million in Retained Earnings reflected in the Condensed Consolidated Balance Sheets at May 31, 2024. Shares repurchased after December 18, 2023 were retired upon repurchase. The Company repurchased and retired 71,536 shares during the three months ended May 31, 2024.
The reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share amounts):
 Three Months Ended May 31,Nine Months Ended May 31,
 2024202320242023
Numerator:
Net earnings from continuing operations$22,621 $16,976 $58,798 $30,544 
Net earning (loss) from discontinued operations3,157 (4,596)2,535 (6,214)
Net earnings$25,778 $12,380 $61,333 $24,330 
Denominator:
Weighted average common shares outstanding - basic54,292 57,052 54,344 56,993 
Net effect of dilutive securities - stock based compensation plans534 380 496 424 
Weighted average common shares outstanding - diluted54,826 57,432 54,840 57,417 
Earnings per share from continuing operations:
Basic$0.42 $0.30 $1.08 $0.54 
Diluted$0.41 $0.30 $1.07 $0.53 
Earnings (Loss) per share from discontinued operations:
Basic$0.06 $(0.08)$0.05 $(0.11)
Diluted$0.06 $(0.08)$0.05 $(0.11)
Earnings per share:*
Basic$0.47 $0.22 $1.13 $0.43 
Diluted$0.47 $0.22 $1.12 $0.42 
Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)1 397 128 1,067 
*The total of Earnings per share from continuing operations and Loss per share from discontinued operations may not equal Earnings per share due to rounding.
The following table illustrates the changes in the balances of each component of shareholders' equity for the nine months ended May 31, 2024 (in thousands):
 Common StockAdditional
Paid-in
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Stock
Held in
Trust		Deferred
Compensation
Liability		Total
Shareholders’
Equity
 Issued
Shares		Amount
Balance at August 31, 202383,761 $16,752 $220,472 $(800,506)$1,011,112 $(121,210)$(3,484)$3,484 $326,620 
Net earnings— — — — 17,738 — — — 17,738 
Other comprehensive income, net of tax— — — — — 370 — — 370 
Stock contribution to employee benefit plans and other2 — 51 — — — — — 51 
Vesting of equity awards118 23 (23)— — — — — — 
Cash dividend ($0.04 per share) true-up— — — — 21 — — — 21 
Treasury stock repurchases— — — (26,116)— — — — (26,116)
Stock based compensation expense— — 2,717 — — — — — 2,717 
Stock option exercises83 17 2,193 — — — — — 2,210 
Tax effect related to net share settlement of equity awards— — (2,025)— — — — — (2,025)
Stock issued to, acquired for and distributed from rabbi trust3 1 89 — — — (92)92 90 
Balance at November 30, 202383,967 $16,793 $223,474 $(826,622)$1,028,871 $(120,840)$(3,576)$3,576 $321,676 
Net earnings— — — — 17,817 — — — 17,817 
Other comprehensive loss, net of tax— — — — — (1,207)— — (1,207)
Stock contribution to employee benefit plans and other1 — 35 — — — — — 35 
Vesting of equity awards105 21 (21)— — — — — — 
Stock based compensation expense— — 2,810 — — — — — 2,810 
Stock option exercises21 5 472 — — — — — 477 
Tax effect related to net share settlement of equity awards— — (953)— — — — — (953)
Stock issued to, acquired for and distributed from rabbi trust26 5 258 — — — (201)201 263 
Treasury stock repurchases— — — (3,992)— — — — (3,992)
Treasury stock retired(29,867)(5,973)— 830,614 (824,641)— — — — 
Balance at February 29, 202454,253 $10,851 $226,075 $— $222,047 $(122,047)$(3,777)$3,777 $336,926 
Net earnings— — — — 25,778 — — — 25,778 
Other comprehensive income, net of tax— — — — — 708 — — 708 
Stock contribution to employee benefit plans and other2 1 74 — — — — — 75 
Vesting of equity awards14 2 (2)— — — — — — 
Stock based compensation expense— — 2,772 — — — — — 2,772 
Stock option exercises92 18 2,213 — — — — — 2,231 
Tax effect related to net share settlement of equity awards— — (136)— — — — — (136)
Treasury stock repurchased and retired(72)(14)— — (2,569)— — — (2,583)
Balance at May 31, 202454,289 $10,858 $230,996 $— $245,256 $(121,339)$(3,777)$3,777 $365,771 
The following table illustrates the changes in the balances of each component of shareholders' equity for the nine months ended May 31, 2023 (in thousands):
 Common StockAdditional
Paid-in
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Stock
Held in
Trust		Deferred
Compensation
Liability		Total
Shareholders’
Equity
 Issued
Shares		Amount
Balance at August 31, 202283,397 $16,679 $212,986 $(742,844)$966,751 $(134,961)$(3,209)$3,209 $318,611 
Net earnings— — — — 7,453 — — — 7,453 
Other comprehensive income, net of tax— — — — — 6,024 — — 6,024 
Stock contribution to employee benefit plans and other3 1 41 — — — — — 42 
Vesting of equity awards84 17 (17)— — — — — — 
Stock based compensation expense— — 2,155 — — — — — 2,155 
Stock option exercises42 8 922 — — — — — 930 
Tax effect related to net share settlement of equity awards— — (969)— — — — — (969)
Stock issued to, acquired for and distributed from rabbi trust3 1 76 — — — (30)30 77 
Balance at November 30, 202283,529 $16,706 $215,194 $(742,844)$974,204 $(128,937)$(3,239)$3,239 $334,323 
Net earnings— — — — 4,497 — — — 4,497 
Other comprehensive income, net of tax— — — — — 1,243 — — 1,243 
Stock contribution to employee benefit plans and other2 — 49 — — — — — 49 
Vesting of equity awards173 34 (34)— — — — — — 
Stock based compensation expense— — 2,120 — — — — — 2,120 
Tax effect related to net share settlement of equity awards— — (1,505)— — — — — (1,505)
Stock issued to, acquired for and distributed from rabbi trust28 6 55 — — — (81)81 61 
Balance at February 28, 202383,732 $16,746 $215,879 $(742,844)$978,701 $(127,694)$(3,320)$3,320 $340,788 
Net earnings— — — — 12,380 — — — 12,380 
Other comprehensive income, net of tax— — — — — 1,993 — — 1,993 
Stock contribution to employee benefit plans and other2 1 58 — — — — — 59 
Vesting of equity awards12 2 (2)— — — — — — 
Treasury stock repurchases— — — (20,831)— — — — (20,831)
Stock based compensation expense— — 2,207 — — — — — 2,207 
Stock option exercises2 — 43 — — — — — 43 
Tax effect related to net share settlement of equity awards— — (110)— — — — — (110)
Stock issued to, acquired for and distributed from rabbi trust4 1 89 — — — (85)85 90 
Balance at May 31, 202383,752 $16,750 $218,164 $(763,675)$991,081 $(125,701)$(3,405)$3,405 $336,619