Income per Common Share

6 Months Ended

May 31, 2020

Note 7 – Income per Common Share

The following table sets forth the calculation of basic and diluted net income per common share:


	Three Months Ended				Six Months Ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Numerator:
Net Income	$	953,338	$	53,673	$	1,640,304	$	329,550

Denominator:
Weighted-average shares outstanding-basic		7,545,613		7,803,333		7,543,376		7,802,344

Dilutive common shares issuable upon exercise of stock options		566,676		617,903		577,078		619,798

Weighted-average shares-diluted		8,112,289		8,421,236		8,120,454		8,422,142

Net income per common share:
Basic	$	0.13	$	0.01	$	0.22	$	0.04

Diluted	$	0.12	$	0.01	$	0.20	$	0.04

For the three months ended May 31, 2020, the Company excluded the effect of 238,681 outstanding options from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive. For the six months ended May 31, 2020, the Company excluded the effect of 238,681 outstanding options from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive. For the three months ended May 31, 2019, the Company excluded the effect of 51,636 outstanding options from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive. For the six months ended May 31, 2019, the Company excluded the effect of 51,636 outstanding options from the computation of diluted earnings per share, as the effect of potentially dilutive shares from the outstanding stock options would be anti-dilutive.