Earnings (Loss) Per Share

6 Months Ended

Aug. 31, 2023

LOSS PER SHARE

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


	Three Months Ended				Six Months Ended
	August 31, 2023		August 31, 2022		August 31, 2023		August 31, 2022
Net loss for basic loss per share available to common shareholders	$	(42)	$	(54)	$	(53)	$	(235)
Less: Debentures fair value adjustment (1) (2)	—		(10)		—		(56)
Add: interest expense on Debentures (1) (2)	—		2		—		3
Net loss for diluted loss per share available to common shareholders	$	(42)	$	(62)	$	(53)	$	(288)

Weighted average number of shares outstanding (000’s) - basic (3)	583,524		577,314		583,171		577,097
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	583,524		638,147		583,171		637,930
Loss per share - reported
Basic	$	(0.07)	$	(0.09)	$	(0.09)	$	(0.41)
Diluted	$	(0.07)	$	(0.10)	$	(0.09)	$	(0.45)

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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 six months ended August 31, 2022. Accordingly, to calculate diluted loss per share, the Company adjusted net loss by eliminating the fair value adjustment made to the Debentures and interest expense incurred on the Debentures for the three and six months ended August 31, 2022, and added the number of shares that would have been issued upon conversion to the diluted weighted average number of shares outstanding. See Note 5 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 six months ended August 31, 2023, as to do so would be antidilutive. See Note 5 for details on the Debentures.

(3) 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 six months ended August 31, 2023 and August 31, 2022, as to do so would be antidilutive.