Net Earnings Per Share

9 Months Ended

Nov. 30, 2021

Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method.

Basic and Dilutive Net Earnings Per Share Reconciliations


	Three Months Ended				Nine Months Ended
	November 30				November 30
(In thousands except per share data)	2021		2020		2021		2020
Net earnings	$	269,438	$	235,300	$	991,461	$	536,974

Weighted average common shares outstanding	162,006		163,732		162,710		163,278
Dilutive potential common shares:
Stock options	2,373		1,636		2,391		1,341
Stock-settled stock units and awards	494		405		505		357
Weighted average common shares and dilutive potential common shares	164,873		165,773		165,606		164,976

Basic net earnings per share	$	1.66	$	1.44	$	6.09	$	3.29
Diluted net earnings per share	$	1.63	$	1.42	$	5.99	$	3.25

Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended November 30, 2021 and 2020, options to purchase 776,853 shares and 115,509 shares of common stock, respectively, were not included. For the nine months ended November 30, 2021 and 2020, options to purchase 701,970 shares and 2,158,503 shares of common stock, respectively, were not included.