Earnings (loss) per Share

9 Months Ended

Nov. 30, 2016

12. 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 (loss) 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, 2016, 95,692 and 42,500 shares, respectively, related to stock options were not included in the diluted earnings per share computation because the exercise price exceeded the average fair market value of the Company’s stock. For the three and nine months ended November 30, 2015, 89,800 and 203,961 shares, respectively, related to stock options were not included in the diluted earnings per share computation because the 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 (loss) per share for the periods indicated:


	Three months ended November 30,				Nine months ended November 30,
	2016		2015		2016			2015
Basic weighted average common shares outstanding		25,673,824		25,684,026		25,802,658			25,665,069
Effect of dilutive options		9,789		44,118		15,488			27,861

Diluted weighted average common shares outstanding		25,683,613		25,728,144		25,818,146			25,692,930

Earnings (loss) per share—basic
Earnings per share on continuing operations	$	0.22	$	0.34	$	0.74		$	1.05
Earnings per share on discontinued operations		—		0.08		0.10			0.15
Loss per share on sale of discontinued operations		—		—		(1.01	)		—

Earnings (loss) on discontinued operations		—		0.08		(0.91	)		0.15

Net earnings (loss)	$	0.22	$	0.42	$	(0.17	)	$	1.20

Earnings (loss) per share—diluted
Earnings per share on continuing operations	$	0.22	$	0.33	$	0.74		$	1.05
Earnings per share on discontinued operations		—		0.08		0.10			0.15
Loss per share on sale of discontinued operations		—		—		(1.01	)		—

Earnings (loss) on discontinued operations		—		0.08		(0.91	)		0.15

Net earnings (loss)	$	0.22	$	0.41	$	(0.17	)	$	1.20

Cash dividends	$	0.175	$	0.175	$	2.025		$	0.525