Shareholders' Equity

12 Months Ended

Feb. 29, 2024

Equity [Abstract]

Shareholders' Equity

(10) Shareholders’ Equity

The Board has authorized the repurchase of the Company’s outstanding common stock through a stock repurchase program, which authorized amount is currently up to $60.0 million in the aggregate. Under the repurchase program, purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice.

During the fiscal years ended February 29, 2024 and February 28, 2023, the Company repurchased 29,350 and 64,082 shares of common stock under the program at an average price of $19.96 and $17.46 per share, respectively. Since the program’s inception in October 2008, there have been 2,242,461 common shares repurchased at an average price of $16.34 per share. As of February 29, 2024, there was $23.4 million available to repurchase shares of the Company’s common stock under the program.