Earnings Per Share

9 Months Ended

May 31, 2019

Earnings Per Share

Basic earnings per share for the periods presented is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, all unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred.

The following table calculates basic earnings per common share and diluted earnings per common share for the three and nine months ended May 31, 2019 and 2018 (in millions, except per share data):



	Three Months Ended				Nine Months Ended
	May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Net income	$	88.4	$	73.0	$	234.3	$	241.4
Basic weighted average shares outstanding	39.7		40.4		39.8		41.2
Common stock equivalents	0.1		0.1		0.1		0.1
Diluted weighted average shares outstanding	39.8		40.5		39.9		41.3
Basic earnings per share	$	2.23	$	1.81	$	5.89	$	5.86
Diluted earnings per share	$	2.22	$	1.80	$	5.87	$	5.85

The following table presents stock options and restricted stock awards that were excluded from the diluted earnings per share calculation for the three and nine months ended May 31, 2019 and 2018 as the effect of inclusion would have been antidilutive:



	Three Months Ended		Nine Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Stock options	283,731	239,230	297,445	179,385
Restricted stock awards	107,800	240,783	169,672	257,617

Further discussion of our stock options and restricted stock awards is included within the Common Stock and Related Matters and Share-based Payments footnotes of the Notes to Consolidated Financial Statements within our Form 10-K.