| INCOME (LOSS) PER SHARE |
INCOME (LOSS) PER SHARE Basic earnings (loss) per share is calculated using the average number of common shares outstanding. Diluted earnings (loss) per share is computed on the basis of the average number of common shares outstanding plus the effect of outstanding stock options using the “treasury stock method”.
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Three Months Ended |
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Six Months Ended |
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May 31,2016 |
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May 31, 2015 |
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May 31,2016 |
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May 31 2015 |
Net income (loss) available for common shareholders |
$ |
423,677 |
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$ |
(1,586,718 |
) |
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$ |
627,052 |
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$ |
(1,529,111 |
) |
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 |
119,649 |
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— |
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81,431 |
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— |
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Weighted average common shares and common shares equivalents—Diluted |
7,126,333 |
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7,006,684 |
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7,088,115 |
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7,006,684 |
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Earnings (loss) per Share: |
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Basic |
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Continuing Operations |
$ |
0.06 |
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$ |
(0.25 |
) |
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$ |
0.09 |
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$ |
(0.25 |
) |
Discontinued Operations |
$ |
— |
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$ |
0.03 |
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$ |
— |
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$ |
0.03 |
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Income |
$ |
0.06 |
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$ |
(0.22 |
) |
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$ |
0.09 |
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$ |
(0.22 |
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Diluted |
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Continuing Operations |
$ |
0.06 |
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$ |
(0.25 |
) |
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$ |
0.09 |
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$ |
(0.25 |
) |
Discontinued Operations |
$ |
— |
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$ |
0.03 |
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$ |
— |
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$ |
0.03 |
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Income |
$ |
0.06 |
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$ |
(0.22 |
) |
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$ |
0.09 |
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$ |
(0.22 |
) |
For the three and six month periods ending May 31, 2016 and 2015 there were 404,000 and 312,000 shares, respectively, underlying previously issued stock options that were excluded from diluted loss per share because the effects of such shares were anti-dilutive.
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