Earnings Per Share (Notes)

12 Months Ended

Feb. 28, 2022

Basic earnings per share is based on the weighted average number of common shares outstanding during each year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Diluted earnings per share has been adjusted for the dilutive effect of the weighted average number of restricted stock units, performance share units and stock appreciation rights outstanding.

The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2022, 2021 and 2020 (in thousands, except per share data):


	2022		2021		2020
Numerator:
Net income for basic and diluted earnings per common share	$	84,022	$	39,614	$	48,234
Denominator:
Total weighted average basic shares	24,855		25,897		26,191
Effect of dilutive securities:
Shares applicable to stock-based compensation	222		148		90
Total weighted average diluted shares	25,077		26,045		26,281
Earnings per share:
Basic earnings per share	$	3.38	$	1.53	$	1.84
Diluted earnings per share	$	3.35	$	1.52	$	1.84

For fiscal 2022, 2021 and 2020, approximately 0.1 million, 0.2 million and 0.1 million employee equity awards were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.