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Earnings Per Share (Tables) | 12 Months Ended
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Aug. 31, 2022
Earnings Per Share [Abstract] |
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share | The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows:
|  | Year Ended August 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted average basic common shares outstanding (1) |  |  | 32,569 |  |  |  | 32,648 |  |  |  | 32,670 |
Dilutive effect of 2.875% Convertible notes, due 2024 (2)(3) |  |  | — |  |  |  | — |  |  |  | — |
Dilutive effect of 2.875% Convertible notes, due 2028 (4) |  |  | — |  |  |  | — |  |  | N/A |
Dilutive effect of 2.25% Convertible notes, due 2024 (5) |  | N/A |  |  |  | — |  |  |  | — |
Dilutive effect of restricted stock units (6) |  |  | 1,062 |  |  |  | 1,017 |  |  |  | 771 |
Weighted average diluted common shares outstanding |  |  | 33,631 |  |  |  | 33,665 |  |  |  | 33,441 |
(1) Restricted stock grants and restricted stock units that are considered participating securities, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2.875% Convertible notes, due 2024 was excluded for the years ended August 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was anti-dilutive under previous applicable guidance. See further discussion below. (3) The dilutive effect of the 2.875% Convertible notes due 2024 was excluded for the year ended August 31, 2022 as they were considered anti-dilutive under the “if converted” method as further discussed below. (4) The dilutive effect of the 2.875% Convertible notes, due 2028 was excluded for the years ended August 31, 2022 and 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. As these notes require cash settlement for the principal, only a premium is potentially dilutive. These convertible notes were issued in April 2021. (5) The dilutive effect of the 2.25% Convertible notes, due 2024 was excluded for the years ended August 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive under previous applicable guidance. These convertible notes were retired in April 2021. (6) Restricted stock units that are not considered participating securities and restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.
Approach to Calculate Diluted Earning per Share |
(In millions, except number of shares which are reflected in |  | Year Ended August 31, |
thousands and per share amounts) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net earnings attributable to Greenbrier |  | $ | 46.9 |  |  | $ | 32.4 |  |  | $ | 49.0 |
Weighted average basic common shares outstanding |  |  | 32,569 |  |  |  | 32,648 |  |  |  | 32,670 |
Basic earnings per share |  | $ | 1.44 |  |  | $ | 0.99 |  |  | $ | 1.50 |
Net earnings attributable to Greenbrier |  | $ | 46.9 |  |  | $ | 32.4 |  |  | $ | 49.0 |
Add back: |  |  |  |  |  |  |  |  |
Interest and debt issuance costs on the 2.875% convertible notes due 2024, net of tax |  | n/a |  |  | n/a |  |  | n/a |
Earnings before interest and debt issuance costs on the 2.875% convertible notes due 2024 |  | n/a |  |  | n/a |  |  | n/a |
Weighted average diluted common shares outstanding |  |  | 33,631 |  |  |  | 33,665 |  |  |  | 33,441 |
Diluted earnings per share |  | $ | 1.40 |  |  | $ | 0.96 |  |  | $ | 1.46 |

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