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Note 17 - Earnings Per Share | 6 Months Ended
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May 31, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] |
17. | EARNINGS PER SHARE
For the three and six months ended May 31, 2022, the Company recorded net loss available to common shareholders. 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, 2022. Stock options and RSUs that could potentially dilute basic earnings per share ("EPS") in the future that were not included in the compilation of diluted loss per share were as follows:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | May 31, |  |  | May 31, |
|  | 2022 |  |  | 2022 |
Stock Options |  |  | 320,533 |  |  |  | 320,533 |
Restricted stock units |  |  | 787,122 |  |  |  | 787,122 |
Total |  |  | 1,107,655 |  |  |  | 1,107,655 |
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 EPS in the future are included in the computation of diluted income per share. The following table sets forth the allocation of net loss for the three and six months ended May 31, 2022 and 2021, respectively:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | May 31, |  |  | May 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net income (loss) |  | $ | (2,996 | ) |  | $ | 2,037 |  |  | $ | (6,217 | ) |  | $ | 1,765 |
Preferred stock dividends |  |  | — |  |  |  | (1,043 | ) |  |  | — |  |  |  | (1,043 | )
Net loss available to common shareholders |  | $ | (2,996 | ) |  | $ | 994 |  |  | $ | (6,217 | ) |  | $ | 722 |
Weighted-average number of shares used in computing net loss per share, basic |  |  | 23,097,150 |  |  |  | 17,800,749 |  |  |  | 23,443,766 |  |  |  | 16,359,496 |
Net income (loss) per share -- basic |  | $ | (0.13 | ) |  | $ | 0.06 |  |  | $ | (0.27 | ) |  | $ | 0.04 |
Weighted-average number of shares used in computing net income per share, diluted |  |  | 23,097,150 |  |  |  | 18,989,231 |  |  |  | 23,443,766 |  |  |  | 17,604,131 |
Net income per share -- diluted |  | $ | (0.13 | ) |  | $ | 0.05 |  |  | $ | (0.27 | ) |  | $ | 0.04 |
For the three and six months ended May 31, 2022, the Company’s potential dilutive securities, which may include stock options, unvested restricted stock units, convertible preferred stock, and outstanding warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. 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, 2022 and 2021:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | May 31, |  |  | May 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Weighted-average common shares outstanding- basic |  |  | 23,097,150 |  |  |  | 17,800,749 |  |  |  | 23,443,766 |  |  |  | 16,359,496 |
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 |  |  | 23,097,150 |  |  |  | 18,989,231 |  |  |  | 23,443,766 |  |  |  | 17,604,131 |
1,155,000 RSUs outstanding during the three and six months ended May 31, 2021 were not included in the computation of diluted EPS because they are contingently issuable shares. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | May 31, 2021 |  |  | May 31, 2021 |
Antidilutive securities: |  |  |  |  |  |  |
Options |  |  | 638,000 |  |  |  | 518,000 |
RSUs |  |  | 50,000 |  |  |  | 68,493 |
Total antidilutive securities |  |  | 688,000 |  |  |  | 586,493 |

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