EARNINGS (LOSS) PER SHARE

12 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 16 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):

	Year Ended February 28/29,
	2021			2020			2019
Income (loss) from continuing operations before equity in net loss of affiliate and related impairment loss	$	(21,157	)	$	(51,022	)	$	27,459
Equity in net loss of affiliate and related impairment loss		-			(530	)		(6,787	)
Net income (loss) from continuing operations		(21,157	)		(51,552	)		20,672
Net loss from discontinued operations, net of tax		(35,152	)		(27,752	)		(2,274	)
Net income (loss)	$	(56,309	)	$	(79,304	)	$	18,398
Basic weighted average number of common shares outstanding		34,389			33,670			34,589
Dilutive effect of stock options and restricted stock units computed on treasury stock method		-			-			705
Diluted weighted average number of common shares outstanding		34,389			33,670			35,294
Basic net income (loss) per common share:
Income (loss) from continuing operations	$	(0.62	)	$	(1.54	)	$	0.60
Income (loss) from discontinued operations		(1.02	)		(0.82	)		(0.07	)
Net income (loss)	$	(1.64	)	$	(2.36	)	$	0.53
Diluted net income (loss) per common share:
Income (loss) from continuing operations	$	(0.62	)	$	(1.54	)	$	0.59
Income (loss) from discontinued operations		(1.02	)		(0.82	)		(0.07	)
Net income (loss)	$	(1.64	)	$	(2.36	)	$	0.52

All outstanding stock options and restricted stock-based awards in the amount of 0.7 million and 0.3 million, respectively, were excluded from the computation of diluted earnings per share for the fiscal year ended February 28, 2021, because the effect of inclusion would be antidilutive. Similarly, for the fiscal year ended February 29, 2020, all outstanding stock options and restricted stock-based awards in the amount of 0.9 million and 0.7 million, respectively, were excluded from the computation of diluted earnings per share because the effect would be antidilutive. Shares subject to anti-dilutive stock options and restricted stock-based awards of 1.9 million for the fiscal year ended February 28, 2019, were excluded from the calculations of diluted earnings per share for the years then ended.

We have the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion of the convertible senior notes. It is our intent to settle the principal amount of these notes with cash, and therefore, we use the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted earnings (loss) per share. From the time of the issuance of the notes, the average market price of our common stock has been less than the initial conversion price of the notes, and consequently no shares have been included in diluted earnings per share for the conversion value of the notes.