Earnings Per Share

9 Months Ended

Nov. 30, 2012

Earnings Per Share [Abstract]

Earnings per share

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 or other contracts to issue common shares were exercised or converted into common stock.

For the three and nine months ended November 30, 2012, shares related to stock options of 301,150 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, 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. 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,
	2012		2011		2012		2011
Basic weighted average common shares outstanding		26,025,072		25,934,972		26,011,692		25,930,484
Effect of dilutive options		20,811		19,427		20,046		24,620
Diluted weighted average common shares outstanding		26,045,883		25,954,399		26,031,738		25,955,104
Per share amounts:
Net earnings – basic	$	0.24	$	0.27	$	0.68	$	1.08
Net earnings – diluted	$	0.24	$	0.27	$	0.68	$	1.08
Cash dividends	$	0.175	$	0.155	$	0.525	$	0.465