Earnings (loss) per Share

12 Months Ended

Feb. 28, 2017

(14) Earnings (loss) 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:


	2017			2016		2015
Basic weighted average common shares outstanding		25,734,667			25,688,273		25,864,352
Effect of dilutive options		14,518			34,094		—

Diluted weighted average common shares outstanding		25,749,185			25,722,367		25,864,352

Earnings per share - basic and diluted
Earnings per share on continuing operations	$	1.03		$	1.25	$	1.33
Earnings (loss) per share on discontinued operations		0.09			0.14		(3.05	)
Loss per share on sale of discontinued operations		(1.05	)		—		—

Earnings (loss) on discontinued operations		(0.96	)		0.14		(3.05	)

Net earnings (loss)	$	0.07		$	1.39	$	(1.72	)

Cash dividends	$	2.20		$	0.70	$	0.70

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 (loss) per share. The Company’s participating securities are comprised of unvested restricted stock. At fiscal year-end 2017 and 2016, 42,500 and 145,243 stock options, respectively, were excluded from the calculation above, as their effect would be anti-dilutive. No dilutive options were included for fiscal year 2015 due to the operating loss.