Earnings Per Share (Tables)

9 Months Ended

May 31, 2022

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share

The shares used in the computation of basic and diluted earnings per common share are reconciled as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
(In thousands)	2022		2021		2022		2021
Weighted average basic common shares outstanding (1)		32,588		32,573		32,560		32,726
Dilutive effect of 2.875% convertible notes due 2024 (2) (3)		—		—		—		—
Dilutive effect of 2.875% convertible notes due 2028 (4)		—		—		—		—
Dilutive effect of 2.25% convertible notes due 2024 (2) (5)	N/A			—	N/A			—
Dilutive effect of restricted stock units (2) (6)		1,073		1,032		1,066		1,021
Weighted average diluted common shares outstanding		33,661		33,605		33,626		33,747

(1) Restricted stock grants and restricted stock units that are considered participating securities, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.

(2) The dilutive effect of common stock equivalents was excluded from the share calculation for the three and nine months ended May 31, 2021 as the average stock price was less than the applicable conversion price and therefore was anti-dilutive under previous applicable guidance. See further discussion below.

(3) The dilutive effect of the 2.875% Convertible notes due 2024 was excluded for the three and nine months ended May 31, 2022 as they were considered anti-dilutive under the “if converted” method as further discussed below.

(4) The dilutive effect of the 2.875% Convertible notes due 2028 was excluded for the three and nine months ended May 31, 2022 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. As these notes require cash settlement for the principal, only a premium is potentially dilutive under the "if converted" method as further discussed below. These convertible notes were issued in April 2021.

(5) The 2.25% Convertible notes due 2024 were retired in April 2021.

(6) Restricted stock units that are not considered participating securities and restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.

Approach to Calculate Diluted Earnings per Share

	Three Months Ended May 31,				Nine Months Ended May 31,
(in millions, except shares which are reflected in thousands, and per share amounts)	2022		2021		2022		2021
Net earnings attributable to Greenbrier	$	3.1	$	19.7	$	26.7	$	0.7
Weighted average basic common shares outstanding		32,588		32,573		32,560		32,726
Basic earnings per share	$	0.10	$	0.61	$	0.82	$	0.02
Net earnings attributable to Greenbrier	$	3.1	$	19.7	$	26.7	$	0.7
Add back:
Interest and debt issuance costs on the 2.875%      convertible notes due 2024, net of tax	n/a		n/a		n/a		n/a
Earnings before interest and debt issuance costs      on the 2.875% convertible notes due 2024	n/a		n/a		n/a		n/a
Weighted average diluted common shares outstanding		33,661		33,605		33,626		33,747
Diluted earnings per share	$	0.09	$	0.59	$	0.79	$	0.02