Shareholders' Equity

12 Months Ended

Feb. 28, 2017

Equity [Abstract]

Shareholders' Equity

(10) Shareholders’ Equity

On December 19, 2016, the Board increased the authorized amount under the Company’s stock repurchase program by an additional $20.0 million, bringing the authorized amount to $40.0 million and the amount now available under the program for stock repurchases to $21.7 million. Under the repurchase program, share purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. During fiscal year ended February 28, 2017, the Company repurchased 532,692 shares of its common stock. Since the program’s inception in October 2008, the Company has repurchased 1,251,203 common shares at an average price of $14.64 per share. Unrelated to the stock repurchase program, the Company purchased 112 shares of common stock during the fiscal year ended February 28, 2017.

The Company’s revolving credit facility maintains certain restrictions on the amount of treasury shares that may be purchased and distributions to its shareholders.