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INCOME (LOSS) PER SHARE
 6 Months Ended
May 31, 2021
Earnings Per Share [Abstract]  
INCOME (LOSS) PER SHARE
19. INCOME (LOSS) PER SHARE

 

For the three and six months ended May 31, 2021, the Company recorded net income. As such, the Company used diluted weighted-average common shares outstanding when calculating diluted income per share for the three and six months ended May 31, 2021. Warrants, stock options, and RSUs that could potentially dilute basic earnings per share (“EPS”) in the future are included in the computation of diluted income per share.

 

For the three and six months ended May 31, 2020, the Company recorded a net loss. As such, because the dilution from potential common shares was antidilutive, the Company used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss per share for the three and six months ended May 31, 2020. Preferred Stock, warrants, stock options, and RSUs that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:

 

   For the Three Months Ended
May 31, 2020		   For the Six Months Ended
May 31, 2020		 
Series A Preferred Stock   4,636,667    4,636,667 
Warrants   2,783,702    2,783,702 
Stock Options   672,667    672,667 
RSUs   —    — 
Total   8,093,036    8,093,036 

  

The following table sets forth the allocation of net income (loss) for the three and six months ended May 31, 2021 and 2020, respectively:

   For the Three Months Ended
May 31,		  For the Six Months Ended
May 31,
   2021  2020  2021  2020
Net income (loss)  $2,037   $(8,061)  $1,765   $(10,346)
Net income applicable to preferred stock   (1,043)   —      (1,043)   —   
Income available to common shareholders  $994   $(8,061)  $722   $(10,346)

 

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended May 31, 2021 and 2020:

 

    For the Three Months Ended
May 31,		     For the Six Months Ended
May 31,		  
    2021     2020     2021     2020  
Weighted-average common shares outstanding- basic     17,800,749       12,068,759       16,359,496       11,271,719  
Assumed conversion of:                                
Dilutive Stock Options     597,214       —       600,918       —  
Dilutive Warrants     304,883       —       399,332       —  
Dilutive RSUs     286,385       —       244,385       —  
Weighted-average common share outstanding- diluted     18,989,231       12,068,759       17,604,131       11,271,719  

 

 

1,155,000 RSUs outstanding during the three and six months ended March 31, 2021, were not included in the computation of diluted earnings per share because they are contingently issuable shares.

 

The following were excluded from the calculation of diluted net income per share for the three and six months ended May 31, 2021 because their effects are anti-dilutive:

 

   For the Three Months Ended May 31, 2021  For the Six Months Ended May 31, 2021
Antidilutive securities:          
Options   638,000    518,000 
RSUs   50,000    68,493 
Total antidilutive securities   688,000    586,493