Earnings per Share

6 Months Ended

Aug. 31, 2015

11. Earnings per Share

Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock.

For the three and six months ended August 31, 2015, 172,543 and 203,961 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. For the three and six months ended August 31, 2014, 332,823 and 296,668 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated:


	Three months ended August 31,				Six months ended August 31,
	2015		2014		2015		2014
Basic weighted average common shares outstanding		25,662,828		25,990,496		25,636,203		25,991,444
Effect of dilutive options		30,428		12,205		21,316		13,105

Diluted weighted average common shares outstanding		25,693,256		26,002,701		25,657,519		26,004,549

Per share amounts:
Net earnings – basic	$	0.43	$	0.39	$	0.79	$	0.69

Net earnings – diluted	$	0.43	$	0.39	$	0.79	$	0.69

Cash dividends	$	0.175	$	0.175	$	0.350	$	0.350