Common Stock and Related Matters (Tables)

12 Months Ended

Aug. 31, 2022

Changes in common stock during the periods presented were as follows (amounts and shares in millions):


	Common Stock
	Shares		Amount
			(At par)
Balance at August 31, 2019	53.8		$	0.5
Issuance of restricted stock grants, net of cancellations	0.1		—

Balance at August 31, 2020	53.9		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2021	54.0		0.5
Issuance of restricted stock grants, net of cancellations	0.1		—
Stock options exercised	0.1		—
Balance at August 31, 2022	54.2		$	0.5

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* Represents shares of less than 0.1 million.

Schedule of Earnings Per Share, Basic and Diluted

The following table calculates basic earnings per common share and diluted earnings per common share during the periods presented (in millions, except per share data):


	Year Ended August 31,
	2022		2021		2020
Net income	$	384.0	$	306.3	$	248.3
Basic weighted average shares outstanding	34.182		36.284		39.453
Common stock equivalents	0.463		0.270		0.148
Diluted weighted average shares outstanding	34.645		36.554		39.601
Basic earnings per share(1)	$	11.23	$	8.44	$	6.29
Diluted earnings per share(1)	$	11.08	$	8.38	$	6.27

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(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

Schedule of Securities Excluded from Computation of Earnings Per Share

The following table presents stock options, restricted stock awards, and performance stock units 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):


	Year Ended August 31,
	2022	2021		2020
Stock options	0.1	0.8		0.6
Restricted stock awards	0.1	—	*	0.2
Performance stock units	—	—		—	*

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* Represents shares of less than 0.1 million.