Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.

The following table shows the computation of basic and diluted net earnings per share for the three and nine months ended May 31, 2026 and 2025:


	Three months ended				Nine months ended
($ and shares in thousands, except per share amounts)	May 31, 2026		May 31, 2025		May 31, 2026		May 31, 2025
Numerator:
Net earnings	$	15,820	$	19,500	$	44,389	$	63,239

Denominator:
Weighted average shares outstanding		10,299		10,862		10,474		10,860
Diluted effect of stock awards		42		69		35		55
Weighted average shares outstanding assuming dilution		10,341		10,931		10,509		10,915

Basic net earnings per share	$	1.54	$	1.80	$	4.24	$	5.82
Diluted net earnings per share	$	1.53	$	1.78	$	4.22	$	5.79

Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three and nine months ended May 31, 2026 and 2025.