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Earnings Per Share | 3 Months Ended
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May 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | 4. 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. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
|  | Three Months Ended May 31, |  |
|  | 2023 |  | 2022 |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 28,522 |  |  | $ | 15,353 |  |  |  |  |
Dividends on preferred stock |  | (3,600) |  |  | — |  |  |  |  |
Numerator for basic earnings per share continuing operations |  | 24,922 |  |  | 15,353 |  |  |  |  |
After-tax interest expense for Convertible Notes |  | — |  |  | 547 |  |  |  |  |
Dividends on preferred stock |  | 3,600 |  |  | — |  |  |  |  |
Numerator for diluted earnings per share continuing operations |  | $ | 28,522 |  |  | $ | 15,900 |  |  |  |  |
Net income from discontinued operations |  | $ | — |  |  | $ | 8,724 |  |  |  |  |
Net income available to common shareholders |  | $ | 24,922 |  |  | $ | 24,077 |  |  |  |  |
After-tax interest expense for Convertible Notes |  | — |  |  | 547 |  |  |  |  |
Dividends on preferred stock |  | 3,600 |  |  | — |  |  |  |  |
Numerator for diluted earnings per share—net income available to common shareholders |  | $ | 28,522 |  |  | $ | 24,624 |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic earnings per share |  | 24,940 |  |  | 24,709 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Employee and director stock awards |  | 93 |  |  | 161 |  |  |  |  |
Convertible Notes |  | — |  |  | 805 |  |  |  |  |
Series A Convertible Preferred Stock |  | 4,117 |  |  | — |  |  |  |  |
Denominator for diluted earnings per share |  | 29,150 |  |  | 25,675 |  |  |  |  |
Basic earnings per share |  |  |  |  |  |  |  |
Earnings per common share from continuing operations |  | $ | 1.00 |  |  | $ | 0.62 |  |  |  |  |
Earnings per common share from discontinued operations |  | $ | — |  |  | $ | 0.35 |  |  |  |  |
Earnings per common share |  | $ | 1.00 |  |  | $ | 0.97 |  |  |  |  |
Diluted earnings per share |  |  |  |  |  |  |  |
Earnings per common share from continuing operations |  | $ | 0.98 |  |  | $ | 0.62 |  |  |  |  |
Earnings per common share from discontinued operations |  | $ | — |  |  | $ | 0.34 |  |  |  |  |
Earnings per common share |  | $ | 0.98 |  |  | $ | 0.96 |  |  |  |  |
For the three months ended May 31, 2023 and 2022, approximately 121,509 and 81,647 employee equity awards 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.

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