Earnings per Share

3 Months Ended

May 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

11. 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 months ended May 31, 2014 and May 31, 2013, 296,668 and 333,405 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. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:

	Three months ended
	May 31,
	2014		2013
Basic weighted average common shares outstanding		25,973,227		26,038,068
Effect of dilutive options		14,150		17,801
Diluted weighted average common shares outstanding		25,987,377		26,055,869
Per share amounts:
Net earnings – basic	$	0.31	$	0.33
Net earnings – diluted	$	0.31	$	0.33
Cash dividends	$	0.175	$	—