Net Earnings Per Share

9 Months Ended

Nov. 30, 2020

Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding. Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of weighted average number of shares of common stock outstanding and dilutive potential common stock. Diluted net earnings per share is calculated using the “if-converted” treasury stock method.

Basic and Dilutive Net Earnings Per Share Reconciliations


	Three Months Ended				Nine Months Ended
	November 30				November 30
(In thousands except per share data)	2020		2019		2020		2019
Net earnings	$	235,300	$	173,156	$	536,974	$	673,499

Weighted average common shares outstanding	163,732		164,273		163,278		165,321
Dilutive potential common shares:
Stock options	1,636		1,820		1,341		1,466
Stock-settled stock units and awards	405		441		357		367
Weighted average common shares and dilutive potential common shares	165,773		166,534		164,976		167,154

Basic net earnings per share	$	1.44	$	1.05	$	3.29	$	4.07
Diluted net earnings per share	$	1.42	$	1.04	$	3.25	$	4.03

Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive. On a weighted average basis, for the three months ended November 30, 2020 and 2019, options to purchase 115,509 shares and 1,235,575 shares of common stock, respectively, were not included. For the nine months ended November 30, 2020 and 2019, options to purchase 2,158,503 shares and 1,272,429 shares of common stock, respectively, were not included.