Earnings (Loss) Per Share

12 Months Ended

Feb. 28, 2022

EARNINGS (LOSS) PER SHARE

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


	For the Years Ended
	February 28, 2022		February 28, 2021		February 29, 2020
Net income (loss) for basic earnings (loss) per share available to common shareholders	$	12	$	(1,104)	$	(152)
Less: Debentures fair value adjustment (1) (2)	(212)		—		(66)
Add: interest expense on Debentures (1) (2)	6		—		23
Net loss for diluted loss per share available to common shareholders	$	(194)	$	(1,104)	$	(195)

Weighted average number of shares outstanding (000’s) - basic (3)(4)	570,607		561,305		553,861
Effect of dilutive securities (000’s)

Conversion of Debentures (1) (2)	60,833		—		60,500

Weighted average number of shares and assumed conversions (000’s) diluted	631,440		561,305		614,361
Earnings (loss) per share - reported
Basic	$	0.02	$	(1.97)	$	(0.27)
Diluted	$	(0.31)	$	(1.97)	$	(0.32)

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(1) 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 year ended February 28, 2021, as to do so would be antidilutive. See Note 6 for details on the Debentures.

(2) The Company has presented the dilutive effect of the Debentures using the if-converted method, assuming conversion at the beginning of the fiscal year for the years ended February 28, 2022 and February 29, 2020. 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 in the years ended February 28, 2022 and February 29, 2020, 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.

(3) The year ended February 28, 2021, included approximately 1,421,945 Exchange Shares remaining to be issued on the third anniversary date of the Cylance acquisition. The year ended February 29, 2020, included approximately 2,802,067 Exchange Shares to be issued in equal installments on the two anniversary dates of the Cylance acquisition thereafter. There were 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 years ended February 28, 2022, February 28, 2021 and February 29, 2020 as to do so would be antidilutive.