XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.24.4

Earnings Per Share | 9 Months Ended
--- | ---
Nov. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 3. 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 nine months ended November 30, 2024 are included in weighted average shares outstanding for basic earnings per share. See Note 14. As of November 30, 2024, 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 (in thousands, except per share data):
|  | Three Months Ended November 30, |  | Nine Months Ended November 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 33,603 |  |  | $ | 26,890 |  |  | $ | 108,624 |  |  | $ | 83,744 |
Series A Preferred Stock Dividends |  | — |  |  | (3,600) |  |  | (1,200) |  |  | (10,800) |
Redemption premium on Series A Preferred Stock |  | — |  |  | — |  |  | (75,198) |  |  | — |
Numerator for basic earnings per share |  | $ | 33,603 |  |  | $ | 23,290 |  |  | $ | 32,226 |  |  | $ | 72,944 |
Series A Preferred Stock Dividends |  | — |  |  | 3,600 |  |  | — |  |  | 10,800 |
Numerator for diluted earnings per share |  | $ | 33,603 |  |  | $ | 26,890 |  |  | $ | 32,226 |  |  | $ | 83,744 |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding for basic earnings per share |  | 29,879 |  |  | 25,077 |  |  | 28,819 |  |  | 25,024 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Employee and director stock awards |  | 239 |  |  | 136 |  |  | 257 |  |  | 137 |
Series A Preferred Stock |  | — |  |  | 4,117 |  |  | — |  |  | 4,117 |
Denominator for diluted earnings per share |  | 30,118 |  |  | 29,330 |  |  | 29,076 |  |  | 29,278 |
Basic earnings per common share |  | $ | 1.12 |  |  | $ | 0.93 |  |  | $ | 1.12 |  |  | $ | 2.91 |
Diluted earnings per common share |  | $ | 1.12 |  |  | $ | 0.92 |  |  | $ | 1.11 |  |  | $ | 2.86 |
For the three months ended November 30, 2024 and 2023, there were 34,824 and 120,819 shares, respectively, related to employee equity awards that were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. For the nine months ended November 30, 2024 and 2023, 56,088 and 126,356 shares, respectively, were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For the nine months ended November 30, 2024, all shares related to the Series A Preferred Stock (1.0 million weighted average shares) were excluded from the computation of diluted earnings per share, as their effect would be anti-dilutive. These shares could be dilutive in future periods.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration