Earnings per Share

9 Months Ended

Nov. 30, 2015

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 and nine months ended November 30, 2015, 89,800 and 203,961 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 three and nine months ended November 30, 2014, 332,823 and 332,823 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 November 30,					Nine months ended November 30,
	2015		2014			2015		2014
Basic weighted average common shares outstanding		25,684,026		25,753,345			25,665,069		25,926,157
Effect of dilutive options		44,118		—			27,861		—

Diluted weighted average common shares outstanding		25,728,144		25,753,345			25,692,930		25,926,157

Per share amounts:
Net earnings (loss) – basic	$	0.42	$	(2.76	)	$	1.20	$	(2.05	)

Net earnings (loss) – diluted	$	0.41	$	(2.76	)	$	1.20	$	(2.05	)

Cash dividends	$	0.175	$	0.175		$	0.525	$	0.525