Capital Stock and Share Repurchase

9 Months Ended

May 31, 2025

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 30,742,231 shares of common stock for $867.5 million. In March 2022, the Company's Board of Directors approved a new share repurchase program authorizing the repurchase of a total of 10,000,000 shares of the Company's outstanding common stock.

In December 2023, the Company's Board of Directors authorized the retirement of the Company's repurchased shares. The Company repurchased and retired 1,165,767 shares for $32.7 million in the nine months ended May 31, 2024 and 660,050 shares for $28.6 million in the nine months ended May 31, 2025. The maximum number of shares that may yet be purchased under the program is 2,056,999 shares.

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,
	2025		2024		2025		2024
Numerator:
Net earnings from continuing operations	$	22,044	$	22,621	$	64,668	$	58,798
Earnings from discontinued operations, net of income taxes	—		3,157		—		2,535
Net earnings	$	22,044	$	25,778	$	64,668	$	61,333

Denominator:
Weighted average common shares outstanding - basic	54,051		54,292		54,230		54,344
Net effect of dilutive securities - stock based compensation plans	366		534		449		496
Weighted average common shares outstanding - diluted	54,417		54,826		54,679		54,840

Earnings per share from continuing operations
Basic	$	0.41	$	0.42	$	1.19	$	1.08
Diluted	$	0.41	$	0.41	$	1.18	$	1.07

Earnings per share from discontinued operations
Basic	$	0.00	$	0.06	$	0.00	$	0.05
Diluted	$	0.00	$	0.06	$	0.00	$	0.05

Earnings per share:*
Basic	$	0.41	$	0.47	$	1.19	$	1.13
Diluted	$	0.41	$	0.47	$	1.18	$	1.12

Anti-dilutive securities from stock based compensation plans (excluded from earnings per share calculation)	188		1		143		128

*The total of Earnings per share from continuing operations and Earnings 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, 2025 (in thousands):


	Common Stock			Additional 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, 2024	54,235	$	10,847	$	235,660	$	—	$	261,870	$	(116,398)	$	(3,777)	$	3,777	$	391,979
Net earnings	—	—		—		—		21,723		—		—		—		21,723
Other comprehensive loss, net of tax	—	—		—		—		—		(9,676)		—		—		(9,676)
Stock contribution to employee benefit plans and other	2	—		91		—		—		—		—		—		91
Vesting of equity awards	186	37		(37)		—		—		—		—		—		—
Cash dividend ($0.04 per share)	—	—		—		—		3		—		—		—		3
Stock based compensation expense	—	—		3,345		—		—		—		—		—		3,345
Stock option exercises	87	18		1,310		—		—		—		—		—		1,328
Tax effect related to net share settlement of equity awards	—	—		(6,405)		—		—		—		—		—		(6,405)
Stock issued to, acquired for and distributed from rabbi trust	—	—		—		—		—		—		3		(3)		—
Treasury stock repurchased and retired	(110)	(22)		—		—		(4,357)		—		—		—		(4,379)
Balance at November 30, 2024	54,400	10,880		233,964		—		279,239		(126,074)		(3,774)		3,774		398,009
Net earnings	—	—		—		—		20,901		—		—		—		20,901
Other comprehensive loss, net of tax	—	—		—		—		—		(4,827)		—		—		(4,827)
Stock contribution to employee benefit plans and other	2	—		97		—		—		—		—		—		97
Vesting of equity awards	73	14		(14)		—		—		—		—		—		—
Stock based compensation expense	—	—		2,841		—		—		—		—		—		2,841
Stock option exercises	2	1		37		—		—		—		—		—		38
Tax effect related to net share settlement of equity awards	—	—		(996)		—		—		—		—		—		(996)
Stock issued to, acquired for and distributed from rabbi trust	2	1		90		—		—		—		199		(199)		91
Treasury stock repurchased and retired	(220)	(44)		—		—		(10,132)		—		—		—		(10,176)
Balance at February 28, 2025	54,259	10,852		236,019		—		290,008		(130,901)		(3,575)		3,575		405,978
Net earnings	—	—		—		—		22,044		—		—		—		22,044
Other comprehensive income, net of tax	—	—		—		—		—		20,517		—		—		20,517
Stock contribution to employee benefit plans and other	5	1		116		—		—		—		—		—		117

Stock based compensation expense	—	—		3,340		—		—		—		—		—		3,340
Stock option exercises	11	2		276		—		—		—		—		—		278
Tax effect related to net share settlement of equity awards	—	—		(9)		—		—		—		—		—		(9)
Stock issued to, acquired for and distributed from rabbi trust	15	3		(3)		—		—		—		(1)		1		—
Treasury stock repurchased and retired	(330)	(66)		—		—		(13,974)		—		—		—		(14,040)
Balance at May 31, 2025	53,960	$	10,792	$	239,739	$	—	$	298,078	$	(110,384)	$	(3,576)	$	3,576	$	438,225

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 Stock			Additional 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, 2023	83,761	$	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 other	2	—		51		—		—		—		—		—		51
Vesting of equity awards	118	23		(23)		—		—		—		—		—		—
Cash dividend ($0.04 per share)	—	—		—		—		21		—		—		—		21
Treasury stock repurchases	—	—		—		(26,116)		—		—		—		—		(26,116)
Stock based compensation expense	—	—		2,717		—		—		—		—		—		2,717
Stock option exercises	83	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 trust	3	1		89		—		—		—		(92)		92		90
Balance at November 30, 2023	83,967	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 other	1	—		35		—		—		—		—		—		35
Vesting of equity awards	105	21		(21)		—		—		—		—		—		—

Stock based compensation expense	—	—		2,810		—		—		—		—		—		2,810
Stock option exercises	21	5		472		—		—		—		—		—		477
Tax effect related to net share settlement of equity awards	—	—		(953)		—		—		—		—		—		(953)
Stock issued to, acquired for and distributed from rabbi trust	26	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, 2024	54,253	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 other	2	1		74		—		—		—		—		—		75
Vesting of equity awards	14	2		(2)		—		—		—		—		—		—

Stock based compensation expense	—	—		2,772		—		—		—		—		—		2,772
Stock option exercises	92	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, 2024	54,289	$	10,858	$	230,996	$	—	$	245,256	$	(121,339)	$	(3,777)	$	3,777	$	365,771