Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.

The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2025 and 2024:


	Three months ended
($ and shares in thousands, except per share amounts)	November 30, 2025		November 30, 2024
Numerator:
Net earnings	$	16,524	$	17,164

Denominator:
Weighted average shares outstanding		10,673		10,853
Diluted effect of stock awards		26		50
Weighted average shares outstanding assuming dilution		10,699		10,903

Basic net earnings per share	$	1.55	$	1.58
Diluted net earnings per share	$	1.54	$	1.57

Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three months ended November 30, 2025 and 2024.