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STOCKHOLDERS EQUITY AND EARNINGS PER SHARE | 6 Months Ended
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Feb. 28, 2025
Earnings Per Share [Abstract] |
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 |  | Six Months Ended
(in thousands, except share and per share data) |  | February 28, 2025 |  | February 29, 2024 |  | February 28, 2025 |  | February 29, 2024
Net earnings (loss) |  | $ | 25,473 |  |  | $ | 85,847 |  |  | $ | (150,245) |  |  | $ | 262,120 |
Average basic shares outstanding |  | 113,564,436 |  |  | 116,396,530 |  |  | 113,811,675 |  |  | 116,584,235 |
Effect of dilutive securities |  | 945,857 |  |  | 1,127,583 |  |  | — |  |  | 1,467,014 |
Average diluted shares outstanding |  | 114,510,293 |  |  | 117,524,113 |  |  | 113,811,675 |  |  | 118,051,249 |
Earnings (loss) per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.22 |  |  | $ | 0.74 |  |  | $ | (1.32) |  |  | $ | 2.25 |
Diluted |  | 0.22 |  |  | 0.73 |  |  | (1.32) |  |  | 2.22 |
For all periods except for the six months ended February 28, 2025, the Company had immaterial anti-dilutive shares, which were not included in the computation of average diluted shares outstanding. For the six months ended February 28, 2025, the Company had 1,270,113 shares that were excluded from the computation of average diluted shares outstanding due to the Company's net loss position. During the three and six months ended February 28, 2025, the Company repurchased 906,603 and 1,826,084 shares of CMC common stock, at an average purchase price of $52.96 and $53.90 per share, respectively. Under the share repurchase program, the Company had remaining authorization to repurchase $305.3 million of shares of CMC common stock at February 28, 2025. See Note 15, Capital Stock, to the consolidated financial statements in the 2024 Form 10-K, for more information on the share repurchase program.

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