Net Earnings Per Share

6 Months Ended

Aug. 31, 2022

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				Six Months Ended
	August 31				August 31
(In thousands except per share data)	2022		2021		2022		2021
Net earnings	$	125,905	$	285,267	$	378,170	$	722,023

Weighted average common shares outstanding	158,801		162,966		159,556		163,058
Dilutive potential common shares:
Stock options	1,125		2,271		1,151		2,400
Stock-settled stock units and awards	292		406		308		511
Weighted average common shares and dilutive potential common shares	160,218		165,643		161,015		165,969

Basic net earnings per share	$	0.79	$	1.75	$	2.37	$	4.43
Diluted net earnings per share	$	0.79	$	1.72	$	2.35	$	4.35

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 August 31, 2022 and 2021, options to purchase 2,098,895 shares and 912,093 shares of common stock, respectively, were not included. For the six months ended August 31, 2022 and 2021, options to purchase 1,767,906 shares and 600,617 shares of common stock, respectively, were not included.