AZZ INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 9 – Earnings Per Share The Company recorded amortization expense of $17.0 million, $17.1 million and $16.9 million for fiscal 2019, 2018 and 2017, respectively, related to the amortizable intangible assets listed above. In addition to its amortizable intangible assets, the Company has recorded indefinite-lived intangible assets of $3.4 million and $2.7 million on the consolidated balance sheets at February 28, 2019 and 2018, respectively, related to certain tradenames acquired as part of business acquisitions in fiscal 2018 and fiscal 2019. These indefinite-lived intangible assets are not amortized, but are assessed for impairment annually or whenever an impairment may be indicated. During fiscal 2019, the Company performed an annual review of its indefinite-lived intangibles and no impairment was indicated. The estimated amortization expense for the five succeeding fiscal years and thereafter is as follows (in thousands): Basic earnings per share is based on the weighted average number of shares outstanding during each year. Diluted earnings per share were similarly computed but have been adjusted for the dilutive effect of the weighted average number of restricted stock units, performance share units and stock appreciation rights outstanding. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): For fiscal 2019, approximately 0.1 million stock appreciation rights were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. For fiscal 2018 and 2017, the Company had no stock appreciation rights that were excluded from the computation of diluted earnings per share. 50 Fiscal year: Amortization Expense 2020 $ 16,393 2021 16,227 2022 14,142 2023 13,058 2024 11,121 Thereafter 51,035 Total $ 121,976 Year Ended February 28, 2019 February 28, 2018 February 28, 2017 Numerator: Net income for basic and diluted earnings per common share $ 51,208 $ 45,169 $ 61,264 Denominator: Denominator for basic earnings per common share–weighted average shares 26,038 25,970 25,965 Effect of dilutive securities: Employee and director stock awards 69 66 132 Denominator for diluted earnings per common share 26,107 26,036 26,097 Earnings per share basic and diluted: Basic earnings per common share $ 1.97 $ 1.74 $ 2.36 Diluted earnings per common share $ 1.96 $ 1.73 $ 2.35 Table of Contents