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Earnings Per Share
 6 Months Ended
Aug. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
3. Earnings Per Share
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.
On April 30, 2024, we completed a secondary public offering in which we issued 4.6 million common shares. The weighted average number of shares for the period outstanding for the six months ended August 31, 2024 are included in weighted average shares outstanding for basic earnings per share. See Note 14. As of August 31, 2024, there were 29.9 million common shares outstanding, which includes the shares from the secondary public offering.
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,
2024202320242023
Numerator:
Net income$35,419 $28,332 $75,021 $56,854 
Series A Preferred Stock Dividends— (3,600)(1,200)(7,200)
Redemption premium on Series A Preferred Stock— — (75,198)— 
Numerator for basic earnings per share$35,419 $24,732 $(1,377)$49,654 
Series A Preferred Stock Dividends— 3,600 — 7,200 
Numerator for diluted earnings per share$35,419 $28,332 $(1,377)$56,854 
Denominator:
Weighted average shares outstanding for basic earnings per share29,852 25,054 28,294 24,997 
Effect of dilutive securities:
Employee and director stock awards205 39 — 82 
Series A Preferred Stock— 4,117 — 4,117 
Denominator for diluted earnings per share30,057 29,210 28,294 29,196 
Basic earnings (loss) per common share$1.19 $0.99 $(0.05)$1.99 
Diluted earnings (loss) per common share$1.18 $0.97 $(0.05)$1.95 
    
For the three months ended August 31, 2024 and 2023, there were 76,068 and 126,882 shares, respectively, related to employee equity awards that were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. For the six months ended August 31, 2024 and 2023, 70,455 and 125,793 shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the six months ended August 31, 2024, all shares related to the Series A Preferred Stock (1.6 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.