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STOCKHOLDERS EQUITY AND EARNINGS PER SHARE | 3 Months Ended
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Nov. 30, 2021
Earnings Per Share [Abstract] |
Stockholder's equity and earnings per share | NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE Basic EPS is computed based on the weighted average shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average shares of common stock plus the effect of dilutive securities outstanding during the period using the treasury stock method. The effect of dilutive securities includes the impact of outstanding stock-based incentive awards and shares purchased by employees through participation in the Company's employee stock purchase plan. The calculations of basic and diluted EPS from continuing operations were as follows:
|  | Three Months Ended November 30, |  |
(in thousands, except share and per share data) |  | 2021 |  | 2020 |  |  |  |
Earnings from continuing operations |  | $ | 232,889 |  |  | $ | 63,911 |  |  |  |  |
Average basic shares outstanding |  | 121,129,679 |  |  | 119,762,706 |  |  |  |  |
Effect of dilutive securities |  | 1,668,059 |  |  | 1,365,338 |  |  |  |  |
Average diluted shares outstanding |  | 122,797,738 |  |  | 121,128,044 |  |  |  |  |
Earnings per share from continuing operations: |  |  |  |  |  |  |  |
Basic |  | $ | 1.92 |  |  | $ | 0.53 |  |  |  |  |
Diluted |  | $ | 1.90 |  |  | $ | 0.53 |  |  |  |  |
Anti-dilutive shares not included above were immaterial for all periods presented. Restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic EPS calculation until the shares vest. In October 2021, CMC's Board of Directors authorized a share repurchase program under which CMC may repurchase up to $350.0 million of shares of common stock. During the three months ended November 30, 2021, the Company repurchased 159,500 shares of CMC common stock, at an average purchase price of $33.28 per share. CMC had remaining authorization to repurchase $344.7 million of shares of common stock at November 30, 2021.

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