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Earnings Per Common Share

9 Months Ended

May 31, 2019

Earnings Per Common Share [Abstract]

Note 9. Earnings per Common Share

The table below reconciles net income to net income available to common shareholders (in thousands):



	Three Months Ended May 31,				Nine Months Ended May 31,
	2019		2018		2019		2018
Net income	$	18,139	$	16,130	$	47,324	$	43,578
Less: Net income allocated to
participating securities		(105)		(105)		(286)		(283)
Net income available to common shareholders	$	18,034	$	16,025	$	47,038	$	43,295

The table below summarizes the weighted-average number of common shares outstanding included in the calculation of basic and diluted EPS (in thousands):



	Three Months Ended May 31,				Nine Months Ended May 31,
	2019		2018		2019		2018
Weighted-average common
shares outstanding, basic		13,790		13,905		13,821		13,949
Weighted-average dilutive securities		30		32		32		32
Weighted-average common
shares outstanding, diluted		13,820		13,937		13,853		13,981

For the three months ended May 31, 2019, there were no anti-dilutive stock-based equity awards outstanding. For the nine months ended May 31, 2019, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 1,443 were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive.

There were no anti-dilutive stock-based equity awards outstanding for the three and nine months ended May 31, 2018.