Earnings Per Share

9 Months Ended

Nov. 30, 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 November 30,				Nine Months Ended November 30,
	2021		2020		2021		2020
Numerator:
Net income for basic and diluted earnings per common share	$	21,085	$	19,703	$	62,400	$	23,454
Denominator:
Denominator for basic earnings per common share–weighted average shares	24,729		25,936		24,910		26,090
Effect of dilutive securities:
Employee and Director stock awards	216		115		222		87
Denominator for diluted earnings per common share	24,945		26,051		25,132		26,177
Earnings per share basic and diluted:
Basic earnings per common share	$	0.85	$	0.76	$	2.51	$	0.90
Diluted earnings per common share	$	0.85	$	0.76	$	2.48	$	0.90

For the three and nine months ended November 30, 2021, 150,171 and 137,186 shares, respectively, were excluded from the calculation of diluted EPS because the effect would be antidilutive. For the three and nine months ended November 30, 2020, 80,148 and 128,918 shares, respectively, were excluded from the calculation of diluted EPS because the effect would be antidilutive. These shares could be dilutive in future periods.