Earnings Per Common Share

9 Months Ended

May 31, 2021

Earnings Per Common Share [Abstract]

Note 10. 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,
	2021		2020		2021		2020
Net income	$	21,006	$	14,524	$	61,820	$	41,045
Less: Net income allocated to
participating securities		(73)		(68)		(247)		(203)
Net income available to common shareholders	$	20,933	$	14,456	$	61,573	$	40,842

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,
	2021		2020		2021		2020
Weighted-average common
shares outstanding, basic		13,708		13,674		13,694		13,700
Weighted-average dilutive securities		38		26		33		27
Weighted-average common
shares outstanding, diluted		13,746		13,700		13,727		13,727

For the three and nine months ended May 31, 2021, there were no anti-dilutive stock-based equity awards outstanding. For the three and nine months ended May 31, 2020, weighted-average stock-based equity awards outstanding that are non-participating securities in the amount of 9,479 and 8,229, respectively, were excluded from the calculation of diluted EPS under the treasury stock method as they were anti-dilutive.