Earnings Per Share

9 Months Ended

Nov. 30, 2020

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if stock awards vested and were converted into common shares during the period.

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


	Three Months Ended November 30,				Nine Months Ended November 30,
	2020		2019		2020		2019
Numerator:
Net income for basic and diluted earnings per common share	$19,703		$22,035		$23,454		$58,877
Denominator:
Denominator for basic earnings per common share–weighted average shares	25,936		26,234		26,090		26,185
Effect of dilutive securities:
Employee and director equity awards	115		29		87		61
Denominator for diluted earnings per common share	26,051		26,263		26,177		26,246
Earnings per share basic and diluted:
Basic income per common share	$	0.76	$	0.84	$	0.90	$	2.25
Diluted income per common share	$	0.76	$	0.84	$	0.90	$	2.24

The Company had 80,148 and 128,918 restricted stock units and stock appreciation rights for the three and nine months ended November 30, 2020, respectively, that were not included in the calculation of diluted EPS because the effect would be antidilutive. These securities could be dilutive in future periods.