Earnings Per Share

9 Months Ended

Nov. 30, 2021

13. 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.

The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:


	Three months ended		Nine months ended
	November 30,		November 30,
	2021	2020	2021	2020
Basic weighted average common shares outstanding	26,020,210	25,974,006	26,053,898	25,978,461
Effect of dilutive RSUs	—	—	97,582	—
Diluted weighted average common shares outstanding	26,020,210	25,974,006	26,151,480	25,978,461
Earnings per share
Net earnings - basic	$0.29	$0.32	$0.86	$0.73
Net earnings - diluted	$0.29	$0.32	$0.85	$0.73
Cash dividends	$0.250	$0.225	$0.725	$0.675

The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. No options were outstanding for the nine months ended November 30, 2021 and November 30, 2020.