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Stockholders' Equity (Tables)
 9 Months Ended
Aug. 31, 2015
Stockholders' Equity  
Schedule of basic and diluted per share results

 

 

 

For the Three Months Ended,

 

For the Nine Months Ended,

 

 

 

Aug. 31, 2015

 

Aug. 31, 2014

 

Aug. 31, 2015

 

Aug. 31, 2014

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax

 

$
1,203

 

$
(198

)

$
261

 

$
(1,521

)

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations for computation of basic and diluted per share results, net of tax

 

—

 
26

 

—

 
144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$
1,203

 

$
(172

)

$
261

 

$
(1,377

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for computation of basic per share results

 
5,153,000

 
5,150,000

 
5,151,000

 
5,148,000

 

 

 

 

 

 

 

 

 

 

 

Incremental shares from assumed exercise of Griffin stock options (a)

 
23,000

 

—

 
21,000

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares for computation of diluted per share results

 
5,176,000

 
5,150,000

 
5,172,000

 
5,148,000

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. The incremental shares from the assumed exercise of stock options for the three months and nine months ended August 31, 2014 would have been 3,000 and 12,000, respectively.

 

Schedule of options granted by Griffin under the Stock Option Plan to non-employee directors

 

 

 

For the Nine Months Ended,

 

 

 

August 31, 2015

 

August 31, 2014

 

 

 

Number of
Shares

 

Fair Value per
Option at Grant
Date

 

Number of
Shares

 

Fair Value per
Option at Grant
Date

 

 

 

 

 

 

 

 

 

 

 

Non-employee directors

 
8,282 

 

$
14.39 

 
8,532 

 

$
12.42 

 

 

Schedule of assumptions used in determining fair values of each option

 

 

 

For the Nine Months Ended,

 

 

 

August 31, 2015

 

August 31, 2014

 

 

 

 

 

 

 

Expected volatility

 
40.8 

%
38.9 

%

Risk free interest rate

 
2.0 

%
2.2 

%

Expected option term (in years)

 
8.5 

 
8.5 

 

Annual dividend yield

 
0.7 

%
0.7 

%

 

Summary of the activity under the Griffin Stock Option Plan

 

 

 

For the Nine Months Ended,

 

 

 

August 31, 2015

 

August 31, 2014

 

 

 

Number of
Shares

 

Weighted
Avg.
Exercise
Price

 

Number of
Shares

 

Weighted
Avg.
Exercise
Price

 

Outstanding at beginning of period

 
222,001

 

$
30.35

 
239,677

 

$
30.35

 

Granted

 
8,282

 

 
31.38

 
8,532

 

 
28.12

 

Exercised

 
(3,134

)

 
25.53

 
(3,208

)

 
24.94

 

Forfeited

 
(1,422

)

 
28.12

 
(23,000

)

 
30.27

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 
225,727

 

$
30.47

 
222,001

 

$
30.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of options by range of exercise prices

 

Range of Exercise
Prices

 

Outstanding at
August 31, 2015

 

Weighted
Avg. Exercise
Price

 

Weighted Avg.
Remaining
Contractual Life
(in years)

 

Total
Intrinsic
Value

 

$23.00-$28.00

 
14,934 

 

$
25.43 

 

6.4

 

$
91 

 

$28.00-$32.00

 
127,718 

 

 
29.07 

 

5.6

 

 
310 

 

$32.00-$39.00

 
83,075 

 

 
33.52 

 

3.1

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
225,727 

 

$
30.47 

 

4.8

 

$
401 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of option holders at August 31, 2015

 
15 

 

 

Schedule of compensation expense and related tax benefits for stock options

 

 

 

For the Three Months Ended,

 

For the Nine Months Ended,

 

 

 

Aug. 31, 2015

 

Aug. 31, 2014

 

Aug. 31, 2015

 

Aug. 31, 2014

 

 

 

 

 

 

 

 

 

 

 

Compensation expense - continuing operations

 

$
30

 

$
63

 

$
192

 

$
276

 

Compensation benefit - discontinued operations

 

—

 

—

 

—

 
(130

)

 

 

 

 

 

 

 

 

 

 

Net compensation expense

 

$
30

 

$
63

 

$
192

 

$
146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related tax benefit - continuing operations

 

$
8

 

$
19

 

$
49

 

$
59

 

Related tax expense - discontinued operations

 

—

 

—

 

—

 
(15

)

 

 

 

 

 

 

 

 

 

 

Net related tax benefit

 

$
8

 

$
19

 

$
49

 

$
44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of unrecognized compensation expense related to nonvested stock options that will be recognized during future periods

 

Balance of Fiscal 2015

 

$
38 

 

Fiscal 2016

 

$
75 

 

Fiscal 2017

 

$
19 

 

 

Schedule of accumulated other comprehensive loss, and activity

 

 

 

For the Nine Months Ended August 31, 2015

 

 

 

 

 

Unrealized gain

 

 

 

 

 

Unrealized loss on

 

on investment in

 

 

 

 

 

cash flow hedges

 

Centaur Media

 

Total

 

Balance November 30, 2014

 

$
(1,464

)

$
629

 

$
(835

)

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassfications

 
(512

)
414

 
(98

)

Amounts reclassified

 
557

 

—

 
557

 

 

 

 

 

 

 

 

 

Net activity for other comprehensive loss

 
45

 
414

 
459

 

 

 

 

 

 

 

 

 

Balance August 31, 2015

 

$
(1,419

)

$
1,043

 

$
(376

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended August 31, 2014

 

 

 

 

 

Unrealized gain

 

Actuarial gain

 

 

 

 

 

Unrealized loss on

 

on investment in

 

on postretirement

 

 

 

 

 

cash flow hedges

 

Centaur Media

 

benefits program

 

Total

 

Balance November 30, 2013

 

$
(1,401

)

$
648

 

$
304

 

$
(449

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassifications

 
(390

)
180

 

—

 
(210

)

Amounts reclassified

 
475

 
(204

)
(304

)
(33

)

 

 

 

 

 

 

 

 

 

 

Net activity for other comprehensive loss

 
85

 
(24

)
(304

)
(243

)

 

 

 

 

 

 

 

 

 

 

Balance August 31, 2014

 

$
(1,316

)

$
624

 

$

—

 

$
(692

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of components of other comprehensive (loss) income

 

 

 

For the Three Months Ended,

 

 

 

August 31, 2015

 

August 31, 2014

 

 

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications included in net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on cash flow hedges (interest expense)

 

$
300

 

$
(111

)

$
189

 

$
252

 

$
(94

)

$
158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications included in net income (loss)

 
300

 
(111

)
189

 
252

 
(94

)
158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate

 
10

 
(4

)
6

 
(17

)
6

 
(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase (decrease) in fair value

 
179

 
(62

)
117

 
(209

)
73

 
(136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in fair value adjustments on Griffin’s cash flow hedges

 
(85

)
31

 
(54

)
(93

)
35

 
(58

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other changes in other comprehensive income (loss)

 
104

 
(35

)
69

 
(319

)
114

 
(205

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

$
404

 

$
(146

)

$
258

 

$
(67

)

$
20

 

$
(47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended,

 

 

 

August 31, 2015

 

August 31, 2014

 

 

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications included in net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on cash flow hedges (interest expense)

 

$
884

 

$
(327

)

$
557

 

$
755

 

$
(280

)

$
475

 

Termination of postretirement benefits program ($283, net of tax, to discontinued operations, $21, net of tax, to general and administrative expense)

 

—

 

—

 

—

 
(485

)
181

 
(304

)

Realized gain on sale of Centaur Media (gain on sale)

 

—

 

—

 

—

 
(321

)
117

 
(204

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications included in net income (loss)

 
884

 
(327

)
557

 
(51

)
18

 
(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate

 
(39

)
13

 
(26

)
45

 
(16

)
29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase in fair value

 
677

 
(237

)
440

 
232

 
(81

)
151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in fair value adjustments on Griffin’s cash flow hedges

 
(812

)
300

 
(512

)
(619

)
229

 
(390

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total change in other comprehensive income (loss)

 
(174

)
76

 
(98

)
(342

)
132

 
(210

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

$
710

 

$
(251

)

$
459

 

$
(393

)

$
150

 

$
(243

)