Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2018

Schedule of basic and diluted per share results


	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2018		Aug. 31, 2017		Aug. 31, 2018		Aug. 31, 2017
Net (loss) income	$	(122)	$	1,329	$	(1,514)	$	5,117

Weighted average shares outstanding for computation of basic per share results		5,031,000		5,001,000		5,013,000		5,013,000
Incremental shares from assumed exercise of Griffin stock options (a)		—		27,000		—		24,000
Adjusted weighted average shares for computation of diluted per share results		5,031,000		5,028,000		5,013,000		5,037,000

(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. The incremental shares from the assumed exercise of stock options for the 2018 third quarter and 2018 nine month period would have been 76,000 and 60,000, respectively.

Schedule of options granted to employees


	For the Nine Months Ended
	Aug. 31, 2018			Aug. 31, 2017
		Fair Value per			Fair Value per
	Number of	Option at		Number of	Option at
	Shares	Grant Date		Shares	Grant Date
Non-employee directors	5,195	$	14.41	6,570	$	13.49
Employees	-	$	-	5,000	$	11.13
	5,195			11,570

Schedule of assumptions used in determining fair values of options


	For the Nine Months Ended
	Aug. 31, 2018		Aug. 31, 2017
Expected volatility	30.5	%	32.7 to 39.6	%
Risk free interest rates	3.0	%	2.1 to 2.2	%
Expected option term (in years)	8.5		7.5 to 8.5
Annual dividend yield	1.1	%	0.8 to 0.9	%

Schedule of option holders


Number of option holders at August 31, 2018		28

Schedule of compensation expense and related tax benefits for stock options


	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2018		Aug. 31, 2017		Aug. 31, 2018		Aug. 31, 2017
Compensation expense	$	83	$	90	$	261	$	260

Related tax benefit	$	14	$	19	$	40	$	59

Schedule of unrecognized compensation expense related to nonvested stock options


Balance of Fiscal 2018	$	89
Fiscal 2019	$	265
Fiscal 2020	$	125
Fiscal 2021	$	32

Summary of the activity under the Griffin Stock Option Plan


	For the Nine Months Ended
	August 31, 2018			August 31, 2017
	Number of		Weighted Avg.	Number of		Weighted Avg.
	Shares		Exercise Price	Shares		Exercise Price
Outstanding at beginning of period	333,762	$	29.22	324,546	$	29.23
Granted	5,195	$	38.48	11,570	$	30.59
Exercised	(74,554)	$	31.97	—	$	—
Forfeited	(20,279)	$	33.78	(2,354)	$	36.82
Outstanding at end of period	244,124	$	28.20	333,762	$	29.22

Schedule of options by range of exercise prices


				Weighted Avg.
				Remaining
Range of Exercise Prices for	Outstanding at	Weighted Avg.		Contractual Life	Total Intrinsic
Vested and Nonvested Options	August 31, 2018	Exercise Price		(in years)	Value
$23.00 - $28.00	118,276	$	26.73	7.3	$	1,582
$28.00 - $32.00	117,034	$	29.09	3.4		1,289
$32.00 - $39.00	8,814	$	36.29	6.7		33
	244,124	$	28.20	5.4	$	2,904

Schedule of accumulated other comprehensive income (loss)


	For the Nine Months Ended Aug. 31, 2018
			Unrealized gain
	Unrealized gain on		on investment in
	cash flow hedges		Centaur Media		Total
Balance November 30, 2017	$	(284)	$	—	$	(284)
Other comprehensive income before reclassifications		2,088		—		2,088
Amounts reclassified		435		—		435
Adoption of ASU No. 2018-02 - reclassification of deferred taxes to retained earnings		(36)		—		(36)
Net activity for other comprehensive income		2,487		—		2,487
Balance August 31, 2018	$	2,203	$	—	$	2,203


	For the Nine Months Ended Aug. 31, 2017
			Unrealized gain
	Unrealized loss on		on investment in
	cash flow hedges		Centaur Media		Total
Balance November 30, 2016	$	(1,062)	$	13	$	(1,049)
Other comprehensive (loss) income before reclassifications		(1,322)		159		(1,163)
Amounts reclassified		636		(172)		464
Net activity for other comprehensive loss		(686)		(13)		(699)
Balance August 31, 2017	$	(1,748)	$	—	$	(1,748)

Schedule of components of accumulated other comprehensive income (loss)


	For the Three Months Ended
	August 31, 2018						August 31, 2017
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net (loss) income:
Loss on cash flow hedges (interest expense)	$	126	$	(29)	$	97	$	326	$	(117)	$	209
Realized gain on sale of Centaur Media (gain on sale)		—		—		—		(281)		109		(172)
Total reclassifications included in net (loss) income		126		(29)		97		45		(8)		37

Increase (decrease) in fair value adjustments on Griffin’s cash flow hedges		168		(36)		132		(1,087)		390		(697)
Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate		—		—		—		(11)		3		(8)
Mark to market adjustment on Centaur Media for a decrease in fair value		—		—		—		(39)		14		(25)
Total change in other comprehensive income (loss)		168		(36)		132		(1,137)		407		(730)

Other comprehensive income (loss)	$	294	$	(65)	$	229	$	(1,092)	$	399	$	(693)


	For the Nine Months Ended
	August 31, 2018						August 31, 2017
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net (loss) income:
Loss on cash flow hedges (interest expense)	$	557	$	(122)	$	435	$	1,007	$	(371)	$	636
Realized gain on sale of Centaur Media (gain on sale)		—		—		—		(281)		109		(172)
Total reclassifications included in net (loss) income		557		(122)		435		726		(262)		464

Increase (decrease) in fair value adjustments on Griffin’s cash flow hedges		2,679		(591)		2,088		(2,052)		730		(1,322)
Mark to market adjustment on Centaur Media for an increase in the foreign currency exchange rate		—		—		—		25		(9)		16
Mark to market adjustment on Centaur Media for an increase in fair value		—		—		—		220		(77)		143
Total change in other comprehensive income (loss)		2,679		(591)		2,088		(1,807)		644		(1,163)

Other comprehensive income (loss)	$	3,236	$	(713)	$	2,523	$	(1,081)	$	382	$	(699)