Earnings (Loss) Per Share

9 Months Ended

Nov. 30, 2021

EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three Months Ended				Nine Months Ended
	November 30, 2021		November 30, 2020		November 30, 2021		November 30, 2020
Net income (loss) for basic earnings (loss) per share available to common shareholders	$	74	$	(130)	$	(132)	$	(789)
Less: Debentures fair value adjustment (1) (2)	(110)		—		(47)		—
Add: interest expense on Debentures (1) (2)	2		—		5		—
Net loss for diluted loss per share available to common shareholders	$	(34)	$	(130)	$	(174)	$	(789)

Weighted average number of shares outstanding (000’s) - basic (3) (4)	571,138		562,443		568,877		559,732
Effect of dilutive securities (000’s)

Conversion of Debentures (1) (2)	60,833		—		60,833		—
Weighted average number of shares and assumed conversions (000’s) diluted	631,971		562,443		629,710		559,732
Earnings (loss) per share - reported
Basic	$	0.13	$	(0.23)	$	(0.23)	$	(1.41)
Diluted	$	(0.05)	$	(0.23)	$	(0.28)	$	(1.41)

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(1) The Company has presented the dilutive effect of the Debentures using the if-converted method, assuming conversion at the beginning of the quarter for the three and nine months ended November 30, 2021. Accordingly, to calculate diluted loss per share, the Company adjusted net income (loss) by eliminating the fair value adjustment made to the Debentures and interest expense incurred on the Debentures for the three and nine months ended November 30, 2021, and added the number of shares that would have been issued upon conversion to the diluted weighted average number of shares outstanding. See Note 6 for details on the Debentures.

(2) The Company has not presented the dilutive effect of the Debentures using the if-converted method in the calculation of diluted loss per share for the three and nine months ended November 30, 2020, as to do so would be antidilutive. See Note 6 for details on the Debentures.

(3) The three and nine months ended November 30, 2021, includes approximately 1,421,945 common shares (Exchange Shares) remaining to be issued on the third anniversary date of the Cylance acquisition completed on February 21, 2019, in consideration for the acquisition. The three and nine months ended November 30, 2020, includes approximately 2,802,067 common shares to be issued in equal installments on the two anniversary dates of the Cylance acquisition thereafter, in consideration for the acquisition. There are no service or other requirements associated with the issuance of these shares.

(4) The Company has not presented the dilutive effect of in-the-money options and RSUs that will be settled upon vesting by the issuance of new common shares in the calculation of diluted loss per share for the three and nine months ended November 30, 2021 and November 30, 2020, as to do so would be antidilutive.