STOCKHOLDERS EQUITY AND EARNINGS PER SHARE

6 Months Ended

Feb. 28, 2025

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.