Earnings (Loss) Per Share

12 Months Ended

Feb. 29, 2024

EARNINGS (LOSS) PER SHARE

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


	For the Years Ended
	February 29, 2024		February 28, 2023		February 28, 2022
Net income (loss) for basic earnings (loss) per share available to common shareholders	$	(130)	$	(734)	$	12
Less: Debentures fair value adjustment (1) (2)	—		(138)		(212)
Add: interest expense on Debentures (1) (2)	—		6		6
Net loss for diluted loss per share available to common shareholders	$	(130)	$	(866)	$	(194)

Weighted average number of shares outstanding (000’s) - basic (1)(3)	584,543		578,654		570,607
Effect of dilutive securities (000’s)

Conversion of 2020 Debentures (1) (2)	—		60,833		60,833

Weighted average number of shares and assumed conversions (000’s) diluted	584,543		639,487		631,440
Earnings (loss) per share - reported
Basic	$	(0.22)	$	(1.27)	$	0.02
Diluted	$	(0.22)	$	(1.35)	$	(0.31)

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(1) The Company has not presented the dilutive effect of the Notes, Extension Debentures or 2020 Debentures using the if-converted method in the calculation of diluted loss per share for the year ended February 29, 2024, 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 2020 Debentures using the if-converted method, assuming conversion at the beginning of the fiscal year for the years ended February 28, 2023 and February 28, 2022. Accordingly, to calculate diluted loss per share, the Company adjusted net income (loss) by eliminating the fair value adjustment made to the 2020 Debentures and interest expense incurred on the 2020 Debentures in the years ended February 28, 2023 and February 28, 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 6 for details on the 2020 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 years ended February 29, 2024, February 28, 2023 and February 28, 2022 as to do so would be antidilutive.