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Net Earnings Per Share | 9 Months Ended
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May 31, 2022
Earnings Per Share [Abstract] |
Net Earnings Per Share | Note 3 – Net Earnings per Share Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities. The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2022 and 2021:
|  | Three months ended |  |  | Nine months ended |
($ and shares in thousands, except per share amounts) |  | May 31, 2022 |  |  | May 31, 2021 |  |  | May 31, 2022 |  |  | May 31, 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 25,073 |  |  | $ | 17,797 |  |  | $ | 47,540 |  |  | $ | 36,768 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 10,978 |  |  |  | 10,907 |  |  |  | 10,960 |  |  |  | 10,879 |
Diluted effect of stock awards |  |  | 43 |  |  |  | 126 |  |  |  | 60 |  |  |  | 88 |
Weighted average shares outstanding assuming dilution |  |  | 11,021 |  |  |  | 11,033 |  |  |  | 11,020 |  |  |  | 10,967 |
Basic net earnings per share |  | $ | 2.28 |  |  | $ | 1.63 |  |  | $ | 4.34 |  |  | $ | 3.38 |
Diluted net earnings per share |  | $ | 2.28 |  |  | $ | 1.61 |  |  | $ | 4.31 |  |  | $ | 3.35 |
Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The following table shows the securities excluded from the computation of earnings per share because their effect would have been anti-dilutive:
|  | Three months ended |  |  | Nine months ended |
(Units and options in thousands) |  | May 31, 2022 |  |  | May 31, 2021 |  |  | May 31, 2022 |  |  | May 31, 2021 |
Restricted stock units |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Stock options |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 28 |
Performance stock units |  |  | 2 |  |  |  | — |  |  |  | 4 |  |  |  | 4 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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