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Earnings per Share | 12 Months Ended
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Feb. 28, 2021
Earnings Per Share [Abstract] |
Earnings per Share | (14) Earnings per Share Basic earnings (loss) per share have been computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) 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. The following table sets forth the computation for basic and diluted earnings (loss) per share for the fiscal years ended:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Basic weighted average common shares outstanding |  |  | 25,995,127 |  |  |  | 26,036,393 |  |  |  | 25,829,804 |
Effect of dilutive options |  |  | — |  |  |  | — |  |  |  | 12,375 |
Diluted weighted average common shares outstanding |  |  | 25,995,127 |  |  |  | 26,036,393 |  |  |  | 25,842,179 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.93 |  |  | $ | 1.47 |  |  | $ | 1.45 |
Diluted |  | $ | 0.93 |  |  | $ | 1.47 |  |  | $ | 1.45 |
Cash dividends |  | $ | 0.900 |  |  | $ | 0.900 |  |  | $ | 0.875 |
The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. For fiscal year 2019, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. No options were outstanding at the end of fiscal years 2021 and 2020.

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