Earnings Per Share

12 Months Ended

Feb. 29, 2024

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.

The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2024, 2023 and 2022 (in thousands, except per share data):


	Year Ended February 29/28,
	2024		2023		2022
Numerator:
Net income from continuing operations	$	101,607	$	66,339	$	49,817
Dividends on preferred stock	(14,400)		(8,240)		—
Numerator for basic earnings per share continuing operations	$	87,207	$	58,099	$	49,817


Numerator for diluted earnings per share continuing operations	$	87,207	$	58,099	$	49,817

Net loss from discontinued operations	$	—	$	(119,313)	$	34,205

Net income (loss) available to common shareholders	$	87,207	$	(61,214)	$	84,022


Numerator for diluted earnings per share—net income (loss) available to common shareholders	$	87,207	$	(61,214)	$	84,022
Denominator:
Weighted average shares outstanding for basic earnings per share	25,041		24,828		24,855
Effect of dilutive securities:
Employee and director stock awards	168		150		222


Denominator for diluted earnings per share	25,209		24,978		25,077

Basic earnings (loss) per share
Earnings per common share from continuing operations	$	3.48	$	2.34	$	2.00
Loss per common share from discontinued operations	$	—	$	(4.81)	$	1.38
Earnings (loss) per common share	$	3.48	$	(2.47)	$	3.38
Diluted earnings (loss) per share
Earnings per common share from continuing operations	$	3.46	$	2.33	$	1.99
Loss per common share from discontinued operations	$	—	$	(4.78)	$	1.36
Earnings (loss) per common share	$	3.46	$	(2.45)	$	3.35

For fiscal 2024, 2023 and 2022, approximately 0.1 million, 0.1 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. For fiscal years 2024 and 2023, all shares related to the Series A Convertible Preferred Stock (4.1 million weighted average shares) were excluded from the computation of diluted earnings per share as their effect would be anti-dilutive. These shares could be dilutive in future periods.