| INCOME PER SHARE |
INCOME PER SHARE Basic earnings per share is calculated using the average number of common shares outstanding. Diluted income per share is computed on the basis of the average number of common shares outstanding plus the effect of outstanding stock options and warrants using the “treasury stock method”.
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Three Months Ended |
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Six Months Ended |
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May 31, 2017 |
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May 31, 2016 |
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May 31, 2017 |
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May 31, 2016 |
Net income available for common shareholders |
$ |
698,550 |
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$ |
423,677 |
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$ |
885,301 |
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$ |
627,052 |
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Weighted average common shares outstanding-Basic |
7,006,684 |
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7,006,684 |
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7,006,684 |
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7,006,684 |
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Net effect of dilutive stock options and warrants |
17,744 |
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119,649 |
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— |
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81,431 |
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Weighted average common shares and common shares equivalents—Diluted |
7,024,428 |
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7,126,333 |
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7,006,684 |
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7,088,115 |
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Earnings per Share: |
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Basic |
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Continuing Operations |
$ |
0.10 |
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$ |
0.06 |
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$ |
0.13 |
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$ |
0.09 |
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Discontinued Operations |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Income |
$ |
0.10 |
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$ |
0.06 |
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$ |
0.13 |
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$ |
0.09 |
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Diluted |
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Continuing Operations |
$ |
0.10 |
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$ |
0.06 |
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$ |
0.13 |
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$ |
0.09 |
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Discontinued Operations |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Income |
$ |
0.10 |
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$ |
0.06 |
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$ |
0.13 |
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$ |
0.09 |
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For the three months ended May 31, 2017 and May 31, 2016, there were 564,000 and 404,000 shares, respectively, underlying previously issued stock options and warrants that were excluded from diluted loss per share because the effects of such shares were anti-dilutive. For the six months ended May 31, 2017 and May 31, 2016, there were 2,456,744 and 404,000 shares, respectively, underlying previously issued stock options and warrants that were excluded from diluted loss per share because the effects of such shares were anti-dilutive.
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