Common Stock and Related Matters (Tables)

12 Months Ended

Aug. 31, 2023

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, 2020	53.9		$	0.5
Vesting of share-based payment awards	0.1		—
Stock options exercised	—	*	—
Balance at August 31, 2021	54.0		0.5
Vesting of share-based payment awards	0.1		—
Stock options exercised	0.1		—
Balance at August 31, 2022	54.2		0.5
Vesting of share-based payment awards	0.2		—
Stock options exercised	—	*	—
Balance at August 31, 2023	54.4		$	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,
	2023		2022		2021
Net income	$	346.0	$	384.0	$	306.3
Basic weighted average shares outstanding	31.806		34.182		36.284
Common stock equivalents	0.358		0.463		0.270
Diluted weighted average shares outstanding	32.164		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.

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,
	2023		2022	2021
Stock options	0.1		0.1	0.8
Restricted stock awards	0.1		0.1	—	*
Performance stock units	—	*	—	—

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* Represents shares of less than 0.1 million.