Net Earnings Per Share

9 Months Ended

Nov. 30, 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				Nine Months Ended
	November 30				November 30
(In thousands except per share data)	2022		2021		2022		2021
Net earnings	$	37,580	$	269,438	$	415,750	$	991,461

Weighted average common shares outstanding	158,003		162,006		159,044		162,710
Dilutive potential common shares:
Stock options	268		2,373		857		2,391
Stock-settled stock units and awards	265		494		294		505
Weighted average common shares and dilutive potential common shares	158,536		164,873		160,195		165,606

Basic net earnings per share	$	0.24	$	1.66	$	2.61	$	6.09
Diluted net earnings per share	$	0.24	$	1.63	$	2.60	$	5.99

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, 2022 and 2021, options to purchase 4,934,554 shares and 776,853 shares of common stock, respectively, were not included. For the nine months ended November 30, 2022 and 2021, options to purchase 1,917,727 shares and 701,970 shares of common stock, respectively, were not included.