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Earnings Per Share
 6 Months Ended
Feb. 28, 2025
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, 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 28, 2025February 29, 2024February 28, 2025February 29, 2024
Net income$77.5 $89.2 $184.2 $189.8 
Basic weighted average shares outstanding30.999 30.864 30.957 30.940 
Common stock equivalents0.701 0.535 0.785 0.448 
Diluted weighted average shares outstanding31.700 31.399 31.742 31.388 
Basic earnings per share(1)
$2.50 $2.89 $5.95 $6.13 
Diluted earnings per share(1)
$2.45 $2.84 $5.80 $6.05 
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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 were immaterial for the three and six months ended February 28, 2025 and February 29, 2024.
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.