Earnings Per Share

3 Months Ended

May 31, 2019

Earnings per share is based on the weighted average number of shares outstanding during each period, adjusted for the dilutive effect of stock awards.

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



	Three Months Ended May 31,
	2019		2018
Numerator:
Net income for basic and diluted earnings per common share	$	21,284	$	15,718
Denominator:
Denominator for basic earnings per common share–weighted average shares	26,124		25,984
Effect of dilutive securities:
Employee and director stock awards	69		50
Denominator for diluted earnings per common share	26,193		26,034
Earnings per share basic and diluted:
Basic earnings per common share	$	0.81	$	0.60
Diluted earnings per common share	$	0.81	$	0.60

For both the three months ended May 31, 2019 and 2018, approximately 0.1 million shares related to employee and director stock awards were excluded from the diluted shares outstanding count as the effect was anti-dilutive.