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Note 17 - Earnings Per Share

6 Months Ended

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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- References

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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

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