Earnings Per Share

6 Months Ended

Nov. 30, 2024

Basic net income (loss) per share (“EPS”) of common stock is computed by dividing a company’s net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The table below shows the calculation for earnings per share:


	Three Months Ended				Six Months Ended
	November 30, 2024		November 30, 2023		November 30, 2024		November 30, 2023
Net loss	$	(138,726)	$	(10,529)	$	(142,973)	$	(22,383)
Net loss attributable to noncontrolling interest	—		—		—		(397)
Preferred dividends	$	(629)	$	—	$	(673)	$	—
Net loss attributable to Common Stockholders	$	(139,355)	$	(10,529)	$	(143,646)	$	(21,986)

Basic and diluted net loss per share attributable to common stockholders	$	(0.66)	$	(0.10)	$	(0.80)	$	(0.21)
Basic and diluted weighted average number of shares outstanding	209,560,339		109,663,030		179,119,398		105,067,375

As of November 30, 2024 and 2023, the Company had approximately 7.6 million and 8.5 million shares, respectively, of granted but unvested restricted stock and restricted stock units that would have a potentially dilutive effect on earnings per share.

As of November 30, 2024, the Company had approximately 7.5 million shares associated with the Preferred Stock which have been excluded from the calculation of earnings per share because the effect of those shares would be antidilutive. Additionally, the Company had approximately 6.3 million warrants outstanding as of November 30, 2024, which have been excluded from the calculations of earnings per share because the effect of those shares would be antidilutive.