Quarterly report pursuant to Section 13 or 15(d)

Income per Common Share

v3.21.2
Income per Common Share
 6 Months Ended
May 31, 2021
Earnings Per Share [Abstract]  
Income per Common Share

Note 6 – Income per Common Share

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

May 31,

2021

 

 

May 31,

2020

 

 

May 31,

2021

 

 

May 31,

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,170,629

 

 

$

953,338

 

 

$

1,864,219

 

 

$

1,640,304

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding-basic

 

 

7,956,301

 

 

 

7,545,613

 

 

 

7,765,724

 

 

 

7,543,376

 

Dilutive common shares issuable upon exercise of stock options

 

 

322,976

 

 

 

566,676

 

 

 

300,292

 

 

 

577,078

 

Weighted-average shares-diluted

 

 

8,279,277

 

 

 

8,112,289

 

 

 

8,066,016

 

 

 

8,120,454

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.15

 

 

$

0.13

 

 

$

0.24

 

 

$

0.22

 

Diluted

 

$

0.14

 

 

$

0.12

 

 

$

0.23

 

 

$

0.20

 

 

For the three months ended May 31, 2021, the Company excluded the effect of 20,000 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 six months ended May 31, 2021, the Company excluded the effect of 27,000 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 months ended May 31, 2020, the Company excluded the effect of 238,681 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 six months ended May 31, 2020, the Company excluded the effect of 238,681 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.