EARNINGS PER SHARE

3 Months Ended

May 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 5 – EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted EPS includes the dilutive effect of issued unvested restricted stock awards and additional potential common shares issuable under stock warrants, restricted stock and stock options. We utilized the treasury stock method in computing the potential common shares issuable under stock warrants, restricted stock, stock options and preferred shares.

The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below.

	Three Months Ended May 31,
	2021		2020
Earnings:
Net earnings applicable to common shareholders	$	3,438,100	$	1,931,100
Weighted average shares:
Weighted average shares outstanding-basic		8,029,264		8,352,424
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards		452,716		-
Weighted average shares outstanding-diluted		8,481,980		8,352,424
Earnings per share:
Basic	$	0.43	$	0.23
Diluted	$	0.41	$	0.23