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Earnings per Share
 3 Months Ended
May 31, 2012
Earnings per Share  
Earnings per Share

Note 4 – Earnings per Share

 

We compute basic earnings per share using the weighted average number of shares of common stock outstanding during the period and diluted earnings per share using basic earnings per share plus the effect of dilutive securities.  Our securities that can have dilutive effects consist of outstanding options to purchase common stock and restricted share units.  “In-the-money” options to purchase common stock are dilutive because they have exercise prices that are less than the average market price of our common stock during the period reported.  “Out-of-the-money” options to purchase common stock are antidilutive and are excluded from the computation of earnings per share because the exercise price of the options was greater than the average market price of our common stock during the period reported.  For the periods covered in the accompanying consolidated condensed statements of income, the basic and diluted shares are as follows:

 

WEIGHTED AVERAGE DILUTED SECURITIES

(in thousands)

 

 

 

Three Months Ended May 31,

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

31,699

 

30,857

 

Incremental shares of common stock attributable to share-based payment arrangements

 

141

 

803

 

Weighted average shares outstanding, diluted

 

31,840

 

31,660

 

 

 

 

 

 

 

Dilutive securities, as a result of in-the-money options

 

423

 

2,338

 

Antidilutive securities, as a result of out-of-the-money options

 

625

 

407