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STOCKHOLDERS EQUITY AND EARNINGS PER SHARE
 9 Months Ended
May 31, 2022
Earnings Per Share [Abstract]  
Stockholder's equity and earnings per share
NOTE 14. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

Basic earnings per share ("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 were as follows: 
Three Months Ended May 31,Nine Months Ended May 31,
(in thousands, except share and per share data)2022202120222021
Net earnings$312,429 $130,408 $928,632 $260,552 
Average basic shares outstanding121,247,105 120,613,652 121,277,553 120,241,579 
Effect of dilutive securities1,552,764 1,580,003 1,649,738 1,610,565 
Average diluted shares outstanding122,799,869 122,193,655 122,927,291 121,852,144 
Earnings per share:
Basic$2.58 $1.08 $7.66 $2.17 
Diluted$2.54 $1.07 $7.55 $2.14 

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 and nine months ended May 31, 2022, the Company repurchased 1,006,387 and 1,501,387 shares of CMC common stock, respectively, at an average purchase price of $38.34 and $37.02 per share, respectively. CMC had remaining authorization to repurchase $294.4 million of shares of common stock at May 31, 2022.