Earnings per share

6 Months Ended

Aug. 31, 2011

Earnings Per Share [Abstract]

Earnings per share

12. Earnings per share

Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.

For the three and six months ended August 31, 2011, 176,443 shares related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. For the three and six months ended August 31, 2010, 135,000 and 95,000 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock for the period. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:

	Three months ended				Six months ended
	August 31,				August 31,
	2011		2010		2011		2010
Basic weighted average common shares outstanding		25,933,902		25,840,376		25,914,986		25,820,626
Effect of dilutive options		27,269		43,073		28,375		46,243
Diluted weighted average common shares outstanding		25,961,171		25,883,449		25,943,361		25,866,869
Per share amounts:
Net earnings — basic	$	0.37	$	0.47	$	0.82	$	0.97
Net earnings — diluted	$	0.37	$	0.47	$	0.81	$	0.97
Cash dividends	$	0.155	$	0.155	$	0.310	$	0.310