Earnings per Share

6 Months Ended

Aug. 31, 2014

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 six months ended August 31, 2014, 332,823 and 296,668 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, 2013, 245,250 and 245,250 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,
	2014		2013		2014		2013
Basic weighted average common shares outstanding		25,990,496		26,102,129		25,991,444		26,078,188
Effect of dilutive options		12,205		26,526		13,105		20,232
Diluted weighted average common shares outstanding		26,002,701		26,128,655		26,004,549		26,098,420
Per share amounts:
Net earnings – basic	$	0.39	$	0.38	$	0.69	$	0.70
Net earnings – diluted	$	0.39	$	0.38	$	0.69	$	0.70
Cash dividends	$	0.175	$	0.175	$	0.350	$	0.175