Net Earnings Per Share

9 Months Ended

May 31, 2022

Earnings Per Share [Abstract]

Net Earnings Per Share

Note 3 – Net Earnings per Share

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.

The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2022 and 2021:

	Three months ended				Nine months ended
($ and shares in thousands, except per share amounts)	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Numerator:
Net earnings	$	25,073	$	17,797	$	47,540	$	36,768
Denominator:
Weighted average shares outstanding		10,978		10,907		10,960		10,879
Diluted effect of stock awards		43		126		60		88
Weighted average shares outstanding assuming    dilution		11,021		11,033		11,020		10,967
Basic net earnings per share	$	2.28	$	1.63	$	4.34	$	3.38
Diluted net earnings per share	$	2.28	$	1.61	$	4.31	$	3.35

Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive:

	Three months ended				Nine months ended
(Units and options in thousands)	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Restricted stock units		—		—		1		—
Stock options		—		—		5		28
Performance stock units		2		—		4		4