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Common Stock and Related Matters
 12 Months Ended
Aug. 31, 2023
Equity [Abstract]  
Common Stock and Related Matters Common Stock and Related Matters
Common Stock
Changes in common stock during the periods presented were as follows (amounts and shares in millions):
Common Stock
 SharesAmount
(At par)
Balance at August 31, 202053.9 $0.5 
Vesting of share-based payment awards0.1 — 
Stock options exercised— *— 
Balance at August 31, 202154.0 0.5 
Vesting of share-based payment awards0.1 — 
Stock options exercised0.1 — 
Balance at August 31, 202254.2 0.5 
Vesting of share-based payment awards0.2 — 
Stock options exercised— *— 
Balance at August 31, 202354.4 $0.5 
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* Represents shares of less than 0.1 million.
As of August 31, 2023 and 2022, we had 23.4 million and 21.8 million of repurchased shares, respectively, recorded as treasury stock at an original repurchase cost of $2.44 billion and $2.18 billion, respectively.
During fiscal 2023, we repurchased approximately 1.6 million shares of our outstanding common stock. As of August 31, 2023, the maximum number of shares that may yet be repurchased under the share repurchase program authorized by the Board equaled 1.2 million shares. We may repurchase shares of our common stock from time to time at prevailing market prices, depending on market conditions, through open market or privately negotiated transactions.
Preferred Stock
We have 50 million shares of preferred stock authorized. No shares of preferred stock were issued in fiscal 2023 or 2022, and no shares of preferred stock are outstanding.
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 for these periods. Diluted earnings per share is computed similarly but reflects the potential dilution that would occur if dilutive options were exercised, unvested share-based payment awards were vested, and other distributions related to deferred stock agreements were incurred. Common stock equivalents are calculated using the treasury stock method. The dilutive effects of share-based payment awards subject to market and/or performance conditions that were not met during the period are excluded from the computation of diluted earnings per share.
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,
202320222021
Net income$346.0 $384.0 $306.3 
Basic weighted average shares outstanding31.806 34.182 36.284 
Common stock equivalents0.358 0.463 0.270 
Diluted weighted average shares outstanding32.164 34.645 36.554 
Basic earnings per share(1)
$10.88 $11.23 $8.44 
Diluted earnings per share(1)
$10.76 $11.08 $8.38 
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(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.
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,
202320222021
Stock options0.1 0.1 0.8 
Restricted stock awards0.1 0.1 — *
Performance stock units— *— — 
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* Represents shares of less than 0.1 million.