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Earnings Per Share
 12 Months Ended
Feb. 28, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
14. 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 the April 2024 Secondary Public Offering in which we issued 4.6 million common shares. Weighted average shares for the year ended February 28, 2025 includes the shares from the April 2024 Secondary Public Offering, weighted for the period between April 30, 2024 and February 28, 2025. See Note 13.
The following table sets forth the computation of basic and diluted earnings per share for fiscal years 2026, 2025 and 2024 (in thousands, except per share data):
Year Ended
February 28, 2026February 28, 2025February 29, 2024
Numerator:
Net income$317,260 $128,833 $101,607 
Series A Preferred Stock Dividends— (1,200)(14,400)
Redemption premium on Series A Preferred Stock— (75,198)— 
Numerator for diluted earnings per share—net income available to common shareholders$317,260 $52,435 $87,207 
Denominator:
Weighted average shares outstanding for basic earnings per share29,955 29,086 25,041 
Effect of dilutive securities:
Employee and director stock awards256 258 168 
Denominator for diluted earnings per share30,211 29,344 25,209 
Basic earnings per common share$10.59 $1.80 $3.48 
Diluted earnings per common share$10.50 $1.79 $3.46 
     For fiscal 2026, 2025, and 2024, approximately 0.03 million, 0.07 million, and 0.06 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 and 2024, 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.