STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

3 Months Ended

Nov. 30, 2024

Stockholder's equity and earnings per share

NOTE 11. STOCKHOLDERS' EQUITY AND EARNINGS (LOSS) PER SHARE

The Company's calculation of basic earnings (loss) per share ("EPS") and diluted EPS are described in Note 16, Earnings Per Share, to the consolidated financial statements in the 2024 Form 10-K.

The calculations of basic and diluted EPS were as follows:


	Three Months Ended November 30,
(in thousands, except share and per share data)	2024		2023
Net earnings (loss)	$	(175,718)	$	176,273

Average basic shares outstanding	114,053,455		116,771,939
Effect of dilutive securities	—		1,582,974
Average diluted shares outstanding	114,053,455		118,354,913

Earnings (loss) per share:
Basic	$	(1.54)	$	1.51
Diluted	(1.54)		1.49

For the three months ended November 30, 2024, there were 1,413,248 shares that could potentially dilute basic EPS in the future that were not included in the computation of average diluted shares outstanding due to the Company's net loss position. For the three months ended November 30, 2023, the Company had immaterial anti-dilutive shares, which were not included in the computation of average diluted shares outstanding.

In October 2021, the Board approved a share repurchase program under which the Company was authorized to repurchase up to $350.0 million of shares of CMC common stock. In January 2024, the Board authorized an increase of $500.0 million to the existing share repurchase program. The share repurchase program does not require the Company to purchase any dollar amount or number of shares of CMC common stock and may be modified, suspended, extended or terminated by the Company at any time without prior notice. During the three months ended November 30, 2024, the Company repurchased 919,481 shares of

CMC common stock, at an average purchase price of $54.83 per share. The Company had remaining authorization to repurchase $353.4 million of shares of CMC common stock at November 30, 2024.