Earnings per Share

12 Months Ended

Feb. 29, 2024

(14) 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 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 (loss) per share for the fiscal years ended:


	2024		2023		2022
Basic weighted average common shares outstanding		25,842,798		25,818,737		26,026,477
Effect of dilutive RSUs		97,278		132,404		82,864
Diluted weighted average common shares outstanding		25,940,076		25,951,141		26,109,341
Earnings per share
Basic	$	1.65	$	1.83	$	1.11
Diluted	$	1.64	$	1.82	$	1.11
Cash dividends	$	1.000	$	1.000	$	0.975

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. At fiscal year-end 2024, 52,500 stock options were excluded from the calculation above, as their effect would be anti-dilutive. No options were outstanding at the end of fiscal years 2023 and 2022.