Earnings Per Share

6 Months Ended

Aug. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

10. 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 six months ended August 31, 2013, 245,520 and 245,520 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 six months ended August 31, 2012, 305,150 and 301,150 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				Six months ended
	August 31,				August 31,
	2013		2012		2013		2012
Basic weighted average common shares outstanding		26,102,129		25,992,505		26,078,188		25,984,188
Effect of dilutive options		26,526		18,638		20,232		19,395
Diluted weighted average common shares outstanding		26,128,655		26,011,143		26,098,420		26,003,583
Per share amounts:
Net earnings – basic	$	0.38	$	0.29	$	0.70	$	0.44
Net earnings – diluted	$	0.38	$	0.29	$	0.70	$	0.44
Cash dividends	$	0.175	$	0.175	$	0.175	$	0.350