Earnings Per Share

3 Months Ended

May 31, 2021

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 May 31,
	2021		2020
Numerator:
Net income for basic and diluted earnings per common share	$22,337		$5,541
Denominator:
Denominator for basic earnings per common share–weighted average shares	25,051		26,157
Effect of dilutive securities:
Employee and director equity awards	219		35
Denominator for diluted earnings per common share	25,270		26,192
Earnings per share basic and diluted:
Basic income per common share	$	0.89	$	0.21
Diluted income per common share	$	0.88	$	0.21

For the three months ended May 31, 2021, 154,259 shares were excluded from the calculation of diluted EPS because the effect would be antidilutive. These shares could be dilutive in future periods.