Earnings Per Share

As of February 29, 2020 and February 28, 2019, there were 159,277,966 and 158,659,803 shares of common stock issued, respectively, and 158,669,966 and 158,051,803 shares of common stock outstanding, respectively. Outstanding shares as of February 29, 2020 and February 28, 2019 have been adjusted to reflect 608,000 treasury shares.

Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding, increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Conversion or exercise of the potential common shares is not reflected in diluted earnings per share unless the effect is dilutive. The dilutive effect, if any, of outstanding common share equivalents is reflected in diluted earnings per share by application of the treasury stock method, and if-converted method as applicable.

The following table reconciles actual basic and diluted earnings per share for the three months ended February 29, 2020 and February 28, 2019 (in thousands except per share data).



	Three Months Ended February 29,			Three Months Ended February 28,
	2020(1)			2019(2)
Income (loss) per share:
Numerator:
Net income (loss) from continuing operations	$	12,502		$	(37,459	)
Net income (loss) from discontinued operations	(64		)	(17		)
Numerator for basic EPS - net income (loss) attributable to common stockholders	$	12,438		$	(37,476	)
Add back convertible notes interest	930			—
Numerator for diluted earnings per share - net income (loss) attributable to common stockholders	$	13,368		$	(37,476	)
Basic income (loss) per common share:
Basic income (loss) from continuing operations	$	0.08		$	(0.24	)
Basic income (loss) from discontinued operations	—			—
Basic income (loss) per share available to common shareholders	$	0.08		$	(0.24	)
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations	$	0.07		$	(0.24	)
Diluted income (loss) from discontinued operations	—			—
Diluted income (loss) per share available to common shareholders	$	0.07		$	(0.24	)
Denominator:
Basic	157,568,811			156,919,099
Diluted	199,922,673			156,919,099


(1)	The computation of diluted EPS does not include 85,000 shares of common stock underlying options and 100,000 shares underlying stock appreciation rights and as the effect of their inclusion would have been anti-dilutive.

(2)

The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares underlying stock appreciation rights, 1,150,000 shares of restricted stock, 44,500,000 shares of common stock underlying warrants, and up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive.