Earnings Per Share

12 Months Ended

Feb. 28, 2025

15. Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. 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 period.

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 year ended February 28, 2025 are included in weighted average shares outstanding for basic earnings per share. See Note 14. As of February 28, 2025, 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 for fiscal years 2025, 2024 and 2023 (in thousands, except per share data):


	Year Ended
	February 28, 2025		February 29, 2024		February 28, 2023
Numerator:
Net income from continuing operations	$	128,833	$	101,607	$	66,339
Series A Preferred Stock Dividends	(1,200)		(14,400)		(8,240)
Redemption premium on Series A Preferred Stock	(75,198)		—		—
Numerator for basic earnings per share continuing operations	52,435		87,207		58,099

Numerator for diluted earnings per share continuing operations	$	52,435	$	87,207	$	58,099

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

Net income (loss) available to common shareholders	$	52,435	$	87,207	$	(61,214)

Numerator for diluted earnings per share—net income (loss) available to common shareholders	$	52,435	$	87,207	$	(61,214)
Denominator:
Weighted average shares outstanding for basic earnings per share	29,086		25,041		24,828
Effect of dilutive securities:
Employee and director stock awards	258		168		150


Denominator for diluted earnings per share	29,344		25,209		24,978

Basic earnings (loss) per share
Earnings per common share from continuing operations	$	1.80	$	3.48	$	2.34
Loss per common share from discontinued operations	$	—	$	—	$	(4.81)
Earnings (loss) per common share	$	1.80	$	3.48	$	(2.47)
Diluted earnings (loss) per share
Earnings per common share from continuing operations	$	1.79	$	3.46	$	2.33
Loss per common share from discontinued operations	$	—	$	—	$	(4.78)
Earnings (loss) per common share	$	1.79	$	3.46	$	(2.45)

For fiscal 2025, 2024 and 2023, 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 2025, 2024 and 2023, all shares related to the Series A Convertible Preferred Stock were excluded from the computation of diluted earnings per share as their effect would be anti-dilutive.