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Earnings Per Share | 9 Months Ended
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May 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per ShareBasic earnings per share 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 periods presented (in millions, except per share data):
| Three Months Ended |  | Nine Months Ended
| May 31, 2021 |  | May 31, 2020 |  | May 31, 2021 |  | May 31, 2020
Net income | $ | 85.7 |  |  | $ | 60.4 |  |  | $ | 208.2 |  |  | $ | 174.6 |
Basic weighted average shares outstanding | 35.7 |  |  | 39.5 |  |  | 36.5 |  |  | 39.5 |
Common stock equivalents | 0.5 |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |
Diluted weighted average shares outstanding | 36.2 |  |  | 39.7 |  |  | 36.8 |  |  | 39.7 |
Basic earnings per share | $ | 2.40 |  |  | $ | 1.53 |  |  | $ | 5.70 |  |  | $ | 4.42 |
Diluted earnings per share | $ | 2.37 |  |  | $ | 1.52 |  |  | $ | 5.66 |  |  | $ | 4.40 |
The following table presents stock options, performance stock awards, and restricted stock awards that were excluded from the diluted earnings per share calculation for the periods presented as the effect of inclusion would have been antidilutive (in millions):
| Three Months Ended |  | Nine Months Ended
| May 31, 2021 |  | May 31, 2020 |  | May 31, 2021 |  | May 31, 2020
Stock options | 0.1 |  |  | 0.9 |  |  | 1.0 |  |  | 0.5 |
Restricted stock awards | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
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.

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