Earnings per Share

9 Months Ended

Nov. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

11. 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, 2013, 172,543 and 172,543 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, 2012, 301,150 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				Nine months ended
	November 30,				November 30,
	2013		2012		2013		2012
Basic weighted average common shares outstanding		26,126,437		26,025,072		26,107,307		26,011,692
Effect of dilutive options		30,424		20,811		22,542		20,046
Diluted weighted average common shares outstanding		26,156,861		26,045,883		26,129,849		26,031,738
Per share amounts:
Net earnings – basic	$	0.36	$	0.24	$	1.06	$	0.68
Net earnings – diluted	$	0.36	$	0.24	$	1.06	$	0.68
Cash dividends	$	0.175	$	0.175	$	0.350	$	0.525