Earnings per Share

12 Months Ended

Feb. 28, 2022

(14) Earnings per Share

Basic earnings (loss) per share have been computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) 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 (loss) per share for the fiscal years ended:


	2022		2021		2020
Basic weighted average common shares outstanding		26,026,477		25,995,127		26,036,393
Effect of dilutive RSUs		82,864		—		-
Diluted weighted average common shares outstanding		26,109,341		25,995,127		26,036,393
Earnings per share
Basic	$	1.11	$	0.93	$	1.47
Diluted	$	1.11	$	0.93	$	1.47
Cash dividends	$	0.975	$	0.90	$	0.90

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 at the end of fiscal years 2022, 2021 and 2020.