Quarterly report pursuant to Section 13 or 15(d)

Income per Common Share

v3.3.0.814
Income per Common Share
 9 Months Ended
Aug. 31, 2015
Earnings Per Share [Abstract]  
Income per Common Share

Note 2 – Income per Common Share

The following table sets forth the calculation of basic and diluted net income per common share:

 

     Three Months Ended      Nine Months Ended  
     August 31,
2015		      August 31,
2014		      August 31,
2015		      August 31,
2014		  

Numerator:

            

Net Income

    $ 7,829,572       $ 236,572       $ 8,325,774       $ 849,457   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Weighted-average shares outstanding-basic

      9,462,102         10,025,939         9,697,679         10,319,514   

Dilutive common shares issuable upon exercise of stock options

      288,095         226,326         247,939         165,335   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares-diluted

      9,750,197         10,252,265         9,945,618         10,484,849   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per common share:

            

Basic

    $ 0.83       $ 0.02       $ 0.86       $ 0.08   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.80       $ 0.02       $ 0.84       $ 0.08   
  

 

 

     

 

 

     

 

 

     

 

 

  

For the three and nine months ended August 31, 2015, the Company excluded the effect of 225,000 and 287,500, respectively, outstanding options from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive.

For the three and nine months ended August 31, 2014, the Company excluded the effect of 262,500 and 288,500, outstanding options, respectively, from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive.