Earnings Per Share

6 Months Ended

Aug. 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 August 31,				Six Months Ended August 31,
	2021		2020		2021		2020
Numerator:
Net income (loss) for basic and diluted earnings per common share	$	18,978	$	(1,790)	$	41,315	$	3,751
Denominator:
Denominator for basic earnings per common share–weighted average shares	24,947		26,175		24,999		26,166
Effect of dilutive securities:
Employee and director equity awards	188		—		217		32
Denominator for diluted earnings per common share	25,135		26,175		25,216		26,198
Earnings (loss) per share basic and diluted:
Basic income (loss) per common share	$	0.76	$	(0.07)	$	1.65	$	0.14
Diluted income (loss) per common share	$	0.76	$	(0.07)	$	1.64	$	0.14

For the three and six months ended August 31, 2021, 150,171 and 130,764 shares, respectively, were excluded from the calculation of diluted EPS because the effect would be antidilutive. For the three and six months ended August 31, 2020, 28,319 and 15,863 shares, respectively, were excluded from the calculation of diluted EPS because the effect would be antidilutive. These shares could be dilutive in future periods.