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Earnings Per Share | 9 Months Ended
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May 25, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated as follows:
| Three Months Ended |  | Nine Months Ended
(in millions, except per share data) | May 25, 2024 |  | May 27, 2023 |  | May 25, 2024 |  | May 27, 2023
Earnings per share - basic |  |  |  |  |  |  |
Net income | $ | 29.0 |  |  | $ | 59.1 |  |  | $ | 42.1 |  |  | $ | 172.1 |
Weighted average common shares outstanding | 29.2 |  |  | 30.4 |  |  | 29.3 |  |  | 30.4 |
Basic earnings per common share(1) | $ | 0.99 |  |  | $ | 1.95 |  |  | $ | 1.43 |  |  | $ | 5.66 |
Earnings per share - diluted |  |  |  |  |  |  |
Net income | $ | 29.0 |  |  | $ | 59.1 |  |  | $ | 42.1 |  |  | $ | 172.1 |
Interest expense on convertible notes, net of tax | 0.2 |  |  | 1.2 |  |  | 0.7 |  |  | 3.6 |
Diluted net income | $ | 29.2 |  |  | $ | 60.3 |  |  | $ | 42.8 |  |  | $ | 175.7 |
Weighted average common shares outstanding | 29.2 |  |  | 30.4 |  |  | 29.3 |  |  | 30.4 |
Dilutive impact of stock compensation awards | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.4 |
Dilutive impact of convertible notes | 1.0 |  |  | 4.7 |  |  | 1.0 |  |  | 4.7 |
Weighted average common shares outstanding, assuming dilution | 30.4 |  |  | 35.4 |  |  | 30.6 |  |  | 35.5 |
Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution | 0.2 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Diluted earnings per common share(1) | $ | 0.96 |  |  | $ | 1.71 |  |  | $ | 1.40 |  |  | $ | 4.95 |
(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, if any, was determined using the treasury stock method while the dilutive impact of the 2025 Convertible Notes and the 2030 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. As the 2025 Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2025 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. For the 2030 Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 2030 Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

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