Earnings Per Share

Basic earnings per share is based on the weighted average number of shares outstanding during each year. Diluted earnings per share were similarly computed but have been adjusted for the dilutive effect of the weighted average number of restricted stock units, performance share units and stock appreciation rights outstanding.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):



	Year Ended
	February 28, 2019		February 28, 2018		February 28, 2017
Numerator:
Net income for basic and diluted earnings per common share	$	51,208	$	45,169	$	61,264
Denominator:
Denominator for basic earnings per common share–weighted average shares	26,038		25,970		25,965
Effect of dilutive securities:
Employee and director stock awards	69		66		132
Denominator for diluted earnings per common share	26,107		26,036		26,097
Earnings per share basic and diluted:
Basic earnings per common share	$	1.97	$	1.74	$	2.36
Diluted earnings per common share	$	1.96	$	1.73	$	2.35

For fiscal 2019, approximately 0.1 million stock appreciation rights were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For fiscal 2018 and 2017, the Company had no stock appreciation rights that were excluded from the computation of diluted earnings per share.