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Earnings (Loss) Per Share | 9 Months Ended
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May 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Note 11 – Earnings Per Share The shares used in the computation of basic and diluted earnings per common share are reconciled as follows:
| Three Months Ended May 31, |  |  | Nine Months Ended May 31, |
(In thousands) | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Weighted average basic common shares outstanding (1) |  | 31,757 |  |  |  | 32,588 |  |  |  | 32,346 |  |  |  | 32,560 |
Dilutive effect of 2.875% convertible notes due 2024 (2) |  | 822 |  |  |  | — |  |  |  | — |  |  |  | — |
Dilutive effect of 2.875% convertible notes due 2028 (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dilutive effect of restricted stock units (4) |  | 992 |  |  |  | 1,073 |  |  |  | 998 |  |  |  | 1,066 |
Weighted average diluted common shares outstanding |  | 33,571 |  |  |  | 33,661 |  |  |  | 33,344 |  |  |  | 33,626 |
(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 three months ended May 31, 2022 and nine months ended May 31, 2023 and 2022 as they were considered anti-dilutive under the “if converted” method as further discussed below. (3) The dilutive effect of the 2.875% Convertible notes due 2028 was excluded for the three and nine months ended May 31, 2023 and 2022 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 under the "if converted" method as further discussed below. (4) 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. Basic earnings per common share (EPS) is computed by dividing Net earnings attributable to Greenbrier by weighted average basic common shares outstanding, which includes restricted stock grants and restricted stock units that are considered participating securities when the Company is in a net earnings position. For the three and nine months ended May 31, 2023 and 2022, diluted EPS was calculated using the more dilutive of two methods. The first method includes the dilutive effect, using the treasury stock method, associated with restricted stock units that are not considered participating securities and performance based restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved. The second method supplements the first by also including the “if converted” effect of the 2.875% Convertible notes due 2024 and shares underlying the 2.875% Convertible notes due 2028, when there is a conversion premium. Under the “if converted” method, debt issuance and interest costs, both net of tax, associated with the convertible notes due 2024 are added back to net earnings and the share count is increased by the shares underlying the convertible notes.
| Three Months Ended May 31, |  |  | Nine Months Ended May 31, |
(in millions, except shares which are reflected in thousands, and per share amounts) | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net earnings attributable to Greenbrier | $ | 21.3 |  |  | $ | 3.1 |  |  | $ | 37.7 |  |  | $ | 26.7 |
Weighted average basic common shares outstanding |  | 31,757 |  |  |  | 32,588 |  |  |  | 32,346 |  |  |  | 32,560 |
Basic earnings per share | $ | 0.67 |  |  | $ | 0.10 |  |  | $ | 1.17 |  |  | $ | 0.82 |
Net earnings attributable to Greenbrier | $ | 21.3 |  |  | $ | 3.1 |  |  | $ | 37.7 |  |  | $ | 26.7 |
Add back: |  |  |  |  |  |  |  |  |  |  |
Interest and debt issuance costs on the 2.875% convertible notes due 2024, net of tax |  | 0.3 |  |  | n/a |  |  | n/a |  |  | n/a |
Earnings before interest and debt issuance costs on the 2.875% convertible notes due 2024 | $ | 21.6 |  |  | n/a |  |  | n/a |  |  | n/a |
Weighted average diluted common shares outstanding |  | 33,571 |  |  |  | 33,661 |  |  |  | 33,344 |  |  |  | 33,626 |
Diluted earnings per share | $ | 0.64 |  | (1) | $ | 0.09 |  |  | $ | 1.13 |  |  | $ | 0.79 |
(1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on the 2.875% convertible notes due 2024 Weighted average diluted common shares outstanding

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