Earnings (Loss) per Share

9 Months Ended

Nov. 30, 2014

Earnings Per Share [Abstract]

Earnings (Loss) per Share

11. Earnings (loss) per Share

Basic earnings (loss) 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. 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,
	2014			2013		2014			2013
Basic weighted average common shares outstanding		25,753,345			26,126,437		25,926,157			26,107,307
Effect of dilutive options		—			30,424		—			22,542
Diluted weighted average common shares outstanding		25,753,345			26,156,861		25,926,157			26,129,849
Per share amounts:
Net earnings – basic	$	(2.76	)	$	0.36	$	(2.05	)	$	1.06
Net earnings – diluted	$	(2.76	)	$	0.36	$	(2.05	)	$	1.06
Cash dividends	$	0.175		$	0.175	$	0.525		$	0.350