Quarterly report pursuant to Section 13 or 15(d)

Income Per Share

v3.8.0.1
Income Per Share
 9 Months Ended
Aug. 31, 2017
Earnings Per Share [Abstract]  
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”.

 
Three Months Ended
 
Nine Months Ended
 
August 31, 2017
 
August 31, 2016
 
August 31, 2017
 
August 31, 2016
Net income available for common shareholders
$
377,683

 
$
321,367

 
$
1,262,984

 
$
948,419

Weighted average common shares outstanding-Basic
7,006,684

 
7,006,684

 
7,006,684

 
7,006,684

Net effect of dilutive stock options and warrants
158,343

 
41,327

 
—

 
68,209

Weighted average common shares and common shares equivalents—Diluted
7,165,027

 
7,048,011

 
7,006,684

 
7,074,893

 
 
 
 
 
 
 
 
Earnings per Share:
 
 
 
 
 
 
 
    Basic
 
 
 
 
 
 
 
Continuing Operations
$
0.05

 
$
0.05

 
$
0.18

 
$
0.14

Discontinued Operations
$
—

 
$
—

 
$
—

 
$
—

Income
$
0.05

 
$
0.05

 
$
0.18

 
$
0.14

 
 
 
 
 
 
 
 
    Diluted
 
 
 
 
 
 
 
Continuing Operations
$
0.05

 
$
0.05

 
$
0.18

 
$
0.14

Discontinued Operations
$
—

 
$
—

 
$
—

 
$
—

Income
$
0.05

 
$
0.05

 
$
0.18

 
$
0.14


For the three months ended August 31, 2017 and August 31, 2016, there were 421,500 and 560,000 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 nine months ended August 31, 2017 and August 31, 2016, there were 2,689,244 and 2,204,744 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.