Table of Contents covering warranty or performance periods. In addition, as of February 28, 2021, a warranty reserve in the amount of $4.1 million was established to offset any future warranty claims. 16. Selected Quarterly Financial Data (Unaudited) During fiscal 2021, the Company recorded restructuring and impairment charges of $20.0 million related to its plan to divest certain non- core businesses. See Note 13 for information related to these charges. (1)  Basic and diluted net income (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net income per share. (2)  During the fourth quarter of fiscal 2020, the Company recorded a loss on disposal of $18.6 million related to the sale of its nuclear logistics business and recorded an impairment charge of $9.2 million related to the Company's exit from the nuclear certified portion of its industrial welding solutions business. (3)  74 Quarter ended May 31, 2020 August 31, 2020 November 30, 2020 February 28, 2021 (in thousands, except per share data) Sales $ 213,293  $ 203,372  $ 226,623  $ 195,629  Gross profit 42,208  46,094  54,675  45,770  Net income (loss)  5,541  (1,790) 19,703  16,160  Basic net income (loss) per share  0.21  (0.07) 0.76  0.64  Diluted net income (loss) per share  0.21  (0.07) 0.76  0.63  (1) (2) (2) Quarter ended May 31, 2019 August 31, 2019 November 30, 2019 February 29, 2020  (in thousands, except per share data) Sales $ 289,123  $ 236,190  $ 291,139  $ 245,365  Gross profit 66,107  52,686  67,331  51,104  Net income 21,284  15,558  22,035  (10,643) Basic net income per share  0.81  0.59  0.84  (0.41) Diluted net income per share  0.81  0.59  0.84  (0.41) (3) (2) (2)