Earnings Per Share

6 Months Ended

Aug. 31, 2025

4. 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.

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,
	2025		2024		2025		2024
Numerator:
Net income	$	89,346	$	35,419	$	260,254	$	75,021
Series A Preferred Stock Dividends	—		—		—		(1,200)
Redemption premium on Series A Preferred Stock	—		—		—		(75,198)
Numerator for diluted earnings per share - net income (loss) available to common shareholders	$	89,346	$	35,419	$	260,254	$	(1,377)
Denominator:
Weighted average shares outstanding for basic earnings per share	30,037		29,852		29,992		28,294
Effect of dilutive securities:
Employee and director stock awards	207		205		251		—

Denominator for diluted earnings per share	30,244		30,057		30,243		28,294

Basic earnings (loss) per common share	$	2.97	$	1.19	$	8.68	$	(0.05)
Diluted earnings (loss) per common share	$	2.95	$	1.18	$	8.61	$	(0.05)

For the three months ended August 31, 2025 and 2024, 22,335 and 76,068 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, 2025 and 2024, 22,335 and 70,455 shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. These shares could be dilutive in future periods. 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.