Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2017

Basis of Presentation and Significant Accounting Policies

Financial Statements of Consignment Arrangements

Amounts recorded for each of the fiscal years ended October 31, 2017, 2016 and 2015 in the financial statements pursuant to consignment arrangements are as follows (in thousands):


	2017		2016		2015

Sales	$	25,891	$	34,919	$	28,139
Cost of Sales		22,784		30,729		25,177
Gross Profit	$	3,107	$	4,190	$	2,962

Schedule of basic and diluted net income per share

Basic and diluted net income per share is calculated as follows (U.S. dollars in thousands, except per share data):



	Year ended October 31,
	2017		2016		2015
Numerator:
Net Income attributable to Calavo Growers, Inc.	$	37,270	$	38,022	$	27,199
Denominator:
Weighted average shares - Basic		17,416		17,347		17,295
Effect on dilutive securities – Restricted stock/options		98		84		68
Weighted average shares - Diluted		17,514		17,431		17,363
Net income per share attributable to Calavo Growers, Inc:
Basic	$	2.14	$	2.19	$	1.57
Diluted	$	2.13	$	2.18	$	1.57

Reconciles Shareholders' Equity Attributable to Noncontrolling Interest

The following tables reconcile shareholders’ equity attributable to noncontrolling interest related to the Salsa Lisa acquisition, and Avocados de Jalisco (in thousands).


Salsa Lisa noncontrolling interest	October 31, 2017		October 31, 2016

Noncontrolling interest, beginning	$	771	$	285
Purchase of noncontrolling interest of Salsa Lisa		(771)		486
Noncontrolling interest, ending	$	—	$	771

In March 2017, pursuant to the Amended and Restated Limited Liability Company Agreement dated February 8, 2010 entered into by Calavo Growers, Inc., Calavo Salsa Lisa LLC, Lisa’s Salsa Company, Elizabeth Nicholson and Eric Nicholson, we purchased the 35 percent ownership of Calavo Salsa Lisa not held by us for $1.0 million.


	Year ended		Year ended
Avocados de Jalisco noncontrolling interest	October 31, 2017		October 31, 2016

Noncontrolling interest, beginning	$	962	$	1,011
Net income (loss) attributable to noncontrolling interest of Avocados de Jalisco		54		(49)
Noncontrolling interest, ending	$	1,016	$	962