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)	2026		2025		2026		2025
Weighted average basic common shares outstanding		30,938		31,186		30,936		31,269
Dilutive effect of 2.875% convertible notes due 2028 (1)		—		—		—		40
Dilutive effect of restricted stock units (2)		807		998		845		963
Weighted average diluted common shares outstanding		31,745		32,184		31,781		32,272

(1) The dilutive effect of the 2.875% Convertible notes due 2028 was excluded for the three and nine months ended May 31, 2026 and the three months ended May 31, 2025 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.

(2) Restricted stock units 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.

Diluted EPS is 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 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 shares underlying the 2.875% Convertible notes due 2028, when there is a conversion premium.


	Three months ended May 31,				Nine months ended May 31,
(in millions, except number of shares which are reflected in thousands, and per share amounts)	2026		2025		2026		2025
Net earnings attributable to Greenbrier	$	18.9	$	60.1	$	70.3	$	167.3
Weighted average basic common shares outstanding		30,938		31,186		30,936		31,269
Basic earnings per share	$	0.61	$	1.92	$	2.27	$	5.35

Net earnings attributable to Greenbrier	$	18.9	$	60.1	$	70.3	$	167.3
Weighted average diluted common shares outstanding		31,745		32,184		31,781		32,272
Diluted earnings per share	$	0.60	$	1.86	$	2.21	$	5.18