Net Earnings Per Share

3 Months Ended

May 31, 2021

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
	May 31
(In thousands except per share data)	2021		2020
Net earnings	$	436,756	$	4,978

Weighted average common shares outstanding	163,151		162,673
Dilutive potential common shares:
Stock options	2,529		527
Stock-settled stock units and awards	615		337
Weighted average common shares and dilutive potential common shares	166,295		163,537

Basic net earnings per share	$	2.68	$	0.03
Diluted net earnings per share	$	2.63	$	0.03

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 May 31, 2021 and 2020, options to purchase 289,140 shares and 4,258,269 shares of common stock, respectively, were not included.