Net Earnings Per Share

6 Months Ended

Aug. 31, 2023

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)	2023		2022		2023		2022
Net earnings	$	118,635	$	125,905	$	346,933	$	378,170

Weighted average common shares outstanding	158,479		158,801		158,298		159,556
Dilutive potential common shares:
Stock options	581		1,125		373		1,151
Stock-settled stock units and awards	178		292		229		308
Weighted average common shares and dilutive potential common shares	159,238		160,218		158,900		161,015

Basic net earnings per share	$	0.75	$	0.79	$	2.19	$	2.37
Diluted net earnings per share	$	0.75	$	0.79	$	2.18	$	2.35

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, 2023 and 2022, options to purchase 3,508,300 shares and 2,098,895 shares of common stock, respectively, were not included. For the six months ended August 31, 2023 and 2022, options to purchase 5,518,543 shares and 1,767,906 shares of common stock, respectively, were not included.