Earnings Per Share

9 Months Ended

Nov. 30, 2022

13. Earnings Per Share

Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options, performance-based RSUs or other contracts to issue common shares were exercised or converted into common stock.

The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:


	Three months ended				Nine months ended
	November 30,				November 30,
	2022		2021		2022		2021
Basic weighted average common shares outstanding		25,809,581		26,020,210		25,812,216		26,053,898
Effect of dilutive RSUs		79,234		—		80,657		97,582
Diluted weighted average common shares outstanding		25,888,815		26,020,210		25,892,873		26,151,480
Earnings per share
Net earnings - basic	$	0.44	$	0.29	$	1.36	$	0.86
Net earnings - diluted	$	0.44	$	0.29	$	1.36	$	0.85
Cash dividends	$	0.250	$	0.250	$	0.750	$	0.725

The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated

to each participating security. Accordingly, the presentation above is prepared on a combined basis. No options were outstanding for the nine months ended November 30, 2022 and November 30, 2021.