Earnings per Share

3 Months Ended

May. 31, 2015

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 months ended May 31, 2015 and May 31, 2014, 320,094 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. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:


	Three months ended May 31,
	2015		2014
Basic weighted average common shares outstanding		25,586,596		25,973,227
Effect of dilutive options		12,459		14,150

Diluted weighted average common shares outstanding		25,599,055		25,987,377


Per share amounts:
Net earnings – basic	$	0.36	$	0.31

Net earnings – diluted	$	0.36	$	0.31

Cash dividends	$	0.175	$	0.175