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Earnings Per Share | 6 Months Ended
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Aug. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if any potentially dilutive securities and were converted into common shares during the period. Potentially dilutive securities include restricted stock units, convertible notes and preferred stock. For the three and six months ended August 31, 2022, all potentially dilutive securities were excluded from diluted earnings per share as their effect would have been anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share from continuing, discontinued, and consolidated operations (in thousands, except per share data):
|  | Three Months Ended August 31, |  | Six Months Ended August 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Numerator: |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 25,120 |  |  | $ | 14,268 |  |  | $ | 40,485 |  |  | $ | 25,881 |
Dividends on preferred stock |  | (1,040) |  |  | — |  |  | (1,040) |  |  | — |
Net income from continuing operations available to common shareholders |  | 24,080 |  |  | 14,268 |  |  | 39,445 |  |  | 25,881 |
After-tax interest expense for Convertible Notes |  | 2,006 |  |  | — |  |  | 2,554 |  |  | — |
Dividends on preferred stock |  | 1,040 |  |  | — |  |  | 1,040 |  |  | — |
Numerator for diluted earnings per share continuing operations |  | $ | 27,126 |  |  | $ | 14,268 |  |  | $ | 43,039 |  |  | $ | 25,881 |
Net income (loss) from discontinued operations |  | $ | (82,690) |  |  | $ | 4,710 |  |  | $ | (73,978) |  |  | $ | 15,434 |
Consolidated net income (loss) available to common shareholders |  | $ | (58,610) |  |  | $ | 18,978 |  |  | $ | (34,533) |  |  | $ | 41,315 |
After-tax interest expense for Convertible Notes |  | 2,006 |  |  | — |  |  | 2,554 |  |  | — |
Dividends on preferred stock |  | 1,040 |  |  | — |  |  | 1,040 |  |  | — |
Numerator for diluted earnings per share consolidated net income (loss) available to common shareholders |  | $ | (55,564) |  |  | $ | 18,978 |  |  | $ | (30,939) |  |  | $ | 41,315 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic earnings per share |  | 24,836 |  |  | 24,947 |  |  | 24,772 |  |  | 24,999 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Employee and director stock awards |  | 106 |  |  | 188 |  |  | 172 |  |  | 217 |
Convertible Notes |  | 2,953 |  |  | — |  |  | 1,902 |  |  | — |
Series A Convertible Preferred Stock |  | 1,164 |  |  | — |  |  | 582 |  |  | — |
Denominator for diluted earnings per share |  | 29,059 |  |  | 25,135 |  |  | 27,428 |  |  | 25,216 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 0.97 |  |  | $ | 0.57 |  |  | $ | 1.59 |  |  | $ | 1.04 |
Diluted earnings per share |  | $ | 0.93 |  |  | $ | 0.57 |  |  | $ | 1.57 |  |  | $ | 1.03 |
Earnings per common share from discontinued operations: |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | (3.33) |  |  | $ | 0.19 |  |  | $ | (2.99) |  |  | $ | 0.62 |
Diluted earnings per share |  | $ | (2.85) |  |  | $ | 0.19 |  |  | $ | (2.70) |  |  | $ | 0.61 |
Earnings per common share from consolidated operations: |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | (2.36) |  |  | $ | 0.76 |  |  | $ | (1.39) |  |  | $ | 1.65 |
Diluted earnings per share |  | $ | (1.91) |  |  | $ | 0.76 |  |  | $ | (1.13) |  |  | $ | 1.64 |
For the three months ended August 31, 2022 and 2021, 102,616 and 150,171 shares, respectively, were excluded from the calculation of diluted earnings per share because the effect would be antidilutive. For the six months ended August 31, 2022 and 2021, 57,025 and 130,764 shares, respectively, were excluded from the calculation of diluted earnings per share because the effect would be antidilutive. These shares could be dilutive in future periods.

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