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Earnings Per Share
 6 Months Ended
Feb. 29, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic 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. 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 for the periods presented (in millions, except per share data):
Three Months EndedSix Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Net income$89.2 $83.2 $189.8 $158.1 
Basic weighted average shares outstanding30.864 32.048 30.940 32.178 
Common stock equivalents0.535 0.338 0.448 0.367 
Diluted weighted average shares outstanding31.399 32.386 31.388 32.545 
Basic earnings per share(1)
$2.89 $2.60 $6.13 $4.91 
Diluted earnings per share(1)
$2.84 $2.57 $6.05 $4.86 
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(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.
Stock options, performance stock awards, and restricted stock awards that were excluded from the diluted earnings per share calculation as the effect of inclusion would have been antidilutive for three and six months ended February 29, 2024 and February 28, 2023 were immaterial.
Further discussion of our share-based payment 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.