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STOCKHOLDERS EQUITY AND EARNINGS PER SHARE | 9 Months Ended
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May 31, 2023
Earnings Per Share [Abstract] |
Stockholder's equity and earnings per share | NOTE 13. 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. 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. 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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net earnings |  | $ | 233,971 |  |  | $ | 312,429 |  |  | $ | 675,594 |  |  | $ | 928,632 |
Average basic shares outstanding |  | 117,066,623 |  |  | 121,247,105 |  |  | 117,192,710 |  |  | 121,277,553 |
Effect of dilutive securities |  | 1,331,276 |  |  | 1,552,764 |  |  | 1,554,374 |  |  | 1,649,738 |
Average diluted shares outstanding |  | 118,397,899 |  |  | 122,799,869 |  |  | 118,747,084 |  |  | 122,927,291 |
Earnings per share: |  |  |  |  |  |  |  |
Basic |  | $ | 2.00 |  |  | $ | 2.58 |  |  | $ | 5.76 |  |  | $ | 7.66 |
Diluted |  | $ | 1.98 |  |  | $ | 2.54 |  |  | $ | 5.69 |  |  | $ | 7.55 |
For all periods presented above, the Company had immaterial anti-dilutive shares, which were not included in the computation of average diluted shares outstanding. In October 2021, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $350.0 million of shares of CMC common stock. During the three and nine months ended May 31, 2023, the Company repurchased 352,000 and 1,957,452 shares of CMC common stock, respectively, at an average purchase price of $46.92 and $42.32 per share, respectively. The Company had remaining authorization to repurchase $105.3 million of shares of CMC common stock at May 31, 2023.

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