Earnings per share

9 Months Ended

Nov. 30, 2011

Earnings Per Share [Abstract]

Earnings per share

12. 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.

For the three and nine months ended November 30, 2011, 232,443 and 196,443 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. For the three and nine months ended November 30, 2010, 93,700 shares related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock for the period. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:

	Three months ended November 30,				Nine months ended November 30,
	2011		2010		2011		2010
Basic weighted average common shares outstanding		25,934,972		25,857,544		25,930,484		25,839,289
Effect of dilutive options		19,427		49,624		24,620		45,317
Diluted weighted average common shares outstanding		25,954,399		25,907,168		25,955,104		25,884,606
Per share amounts:
Net earnings – basic	$	0.27	$	0.37	$	1.08	$	1.35
Net earnings – diluted	$	0.27	$	0.37	$	1.08	$	1.34
Cash dividends	$	0.155	$	0.155	$	0.465	$	0.465