Capital Structure

12 Months Ended

Feb. 28, 2022

Equity [Abstract]

Capital Structure

9) Capital Structure

The Company's capital structure is as follows:

			Shares Authorized				Shares Outstanding
Security	Par Value		February 28, 2022		February 28, 2021		February 28, 2022		February 28, 2021		Voting Rights per Share		Liquidation Rights
Preferred Stock	$	50.00		50,000		50,000		—		—		—	$50 per share
Series Preferred Stock	$	0.01		1,500,000		1,500,000		—		—		—
Class A Common Stock	$	0.01		60,000,000		60,000,000		21,614,629		21,666,976	one		Ratably with Class B
Class B Common Stock	$	0.01		10,000,000		10,000,000		2,260,954		2,260,954	ten		Ratably with Class A

The holders of Class A and Class B common stock are entitled to receive cash or property dividends declared by the Board of Directors. The Board of Directors can declare cash dividends for Class A common stock in amounts equal to or greater than the cash dividends for Class B common stock. Dividends other than cash must be declared equally for both classes. Each share of Class B common stock may, at any time, be converted into one share of Class A common stock.

Stock held in treasury by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders' equity, and amounted to 2,862,218 and 2,749,218 shares at February 28, 2022 and February 28, 2021, respectively. The cost basis for subsequent sales of treasury shares is determined using an average cost method. In Fiscal 2020, the Company was authorized by the Board of Directors to increase the number of Class A Common Stock available for repurchase in the open market to 3,000,000. During the year ended February 28, 2022, the Company repurchased 113,000 shares of Class A Common Stock for an aggregate cost of $1,220. During the year ended February 29, 2020, the Company repurchased 581,124 shares of Class A Common Stock for an aggregate cost of $2,742. During the year ended February 28, 2021, the Company repurchased no shares. As of February 28, 2022, 2,305,876 shares of the Company's Class A common stock are authorized to be repurchased in the open market.