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EARNINGS PER SHARE | 9 Months Ended
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Feb. 28, 2023
Earnings per share |
EARNINGS PER SHARE | 4. EARNINGS PER SHARE Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of stock options, restricted shares, restricted stock units (“RSUs”), Performance RSUs (“PRSUs”) and Amended and Restated 2006 Employee Stock Purchase Plan (“ESPP”) shares) outstanding during the period using the treasury stock method. The following table presents the computation of basic and diluted earnings per share (in thousands, except per share data):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator: Net income |  | $ | 4,132 |  |  | $ | 2,243 |  |  | $ | 8,446 |  |  | $ | 3,656 |
Denominator for basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 27,893 |  |  |  | 26,871 |  |  |  | 27,571 |  |  |  | 25,684 |
Shares used in basic earnings per share calculation |  |  | 27,893 |  |  |  | 26,871 |  |  |  | 27,571 |  |  |  | 25,684 |
Effect of dilutive securities |  |  | 1,480 |  |  |  | 1,983 |  |  |  | 1,509 |  |  |  | 1,826 |
Denominator for diluted earnings per share |  |  | 29,373 |  |  |  | 28,854 |  |  |  | 29,080 |  |  |  | 27,510 |
Basic earnings per share |  | $ | 0.15 |  |  | $ | 0.08 |  |  | $ | 0.31 |  |  | $ | 0.14 |
Diluted earnings per share |  | $ | 0.14 |  |  | $ | 0.08 |  |  | $ | 0.29 |  |  | $ | 0.13 |
For the purpose of computing diluted earnings per share, weighted average potential common shares do not include stock options with an exercise price greater than the average fair value of the Company’s common stock for the period, as the effect would be anti-dilutive. In the three and nine months ended February 28, 2023, stock options to purchase 15,000 shares of common stock were outstanding, but were not included in the computation of diluted earnings per share, because the inclusion of such shares would be anti-dilutive. In the three and nine months ended February 28, 2022, stock options to purchase 11,000 shares of common stock were outstanding, but were not included in the computation of diluted earnings per share, because the inclusion of such shares would be anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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