Earnings Per Share

3 Months Ended

Nov. 25, 2023

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended
(in millions, except per share data)	November 25, 2023		November 26, 2022
Earnings per share - basic
Net income	$	25.8	$	60.2
Weighted average common shares outstanding	29.6		30.4
Basic earnings per common share(1)	$	0.87	$	1.98

Earnings per share - diluted
Net income	$	25.8	$	60.2
Interest expense on convertible notes, net of tax	1.2		1.2
Diluted net income	$	27.0	$	61.4

Weighted average common shares outstanding	29.6		30.4
Dilutive impact of stock compensation awards	0.3		0.4
Dilutive impact of convertible notes	4.8		4.7
Weighted average common shares outstanding, assuming dilution	34.7		35.5

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.1		0.1

Diluted earnings per common share(1)	$	0.78	$	1.73

(1) Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

The dilutive effect of stock compensation awards was determined using the treasury stock method while the dilutive impact of the Convertible Notes was determined using the if-converted method. Under the treasury stock method, shares associated with certain anti-dilutive securities have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding or anti-dilution. Under the if-converted method, the Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation.