Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2019

Stockholders' Equity

Schedule of basic and diluted per share results

	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2019		Aug. 31, 2018		Aug. 31, 2019		Aug. 31, 2018
Net income (loss)	$	1,017	$	(122)	$	6,250	$	(1,514)
Weighted average shares outstanding for computation of basic per share results		5,073,000		5,031,000		5,068,000		5,013,000
Incremental shares from assumed exercise of Griffin stock options (a)		40,000		—		34,000		—
Adjusted weighted average shares for computation of diluted per share results		5,113,000		5,031,000		5,102,000		5,013,000

(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 by Griffin under the Stock Option Plan to non-employee directors

	For the Nine Months Ended
	Aug. 31, 2019			Aug. 31, 2018
		Fair Value per			Fair Value per
	Number of	Option at		Number of	Option at
	Shares	Grant Date		Shares	Grant Date
Non-employee directors	5,946	$	12.87	5,195	$	14.41

Schedule of assumptions used in determining fair values of options

	For the Nine Months Ended
	Aug. 31, 2019		Aug. 31, 2018
Expected volatility	30.9	%	30.5	%
Risk free interest rates	2.3	%	3.0	%
Expected option term (in years)	8.5		8.5
Annual dividend yield	1.2	%	1.1	%

Schedule of option holders

Number of option holders at August 31, 2019 26

Schedule of compensation expense and related tax benefits for stock options

	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2019		Aug. 31, 2018		Aug. 31, 2019		Aug. 31, 2018
Compensation expense	$	21	$	83	$	205	$	261
Related tax benefit	$	9	$	14	$	35	$	40

Schedule of unrecognized compensation expense related to nonvested stock options

Balance of Fiscal 2019	$	57
Fiscal 2020	$	149
Fiscal 2021	$	39

Summary of the activity under the Griffin Stock Option Plan

	For the Nine Months Ended
	August 31, 2019			August 31, 2018
	Number of		Weighted Avg.	Number of		Weighted Avg.
	Shares		Exercise Price	Shares		Exercise Price
Outstanding at beginning of period	224,001	$	28.20	333,762	$	29.22
Granted	5,946	$	36.99	5,195	$	38.48
Exercised	(29,838)	$	28.71	(74,554)	$	31.97
Forfeited	(7,788)	$	32.62	(20,279)	$	33.78
Outstanding at end of period	192,321	$	28.21	244,124	$	28.20

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, 2019	Exercise Price		(in years)	Value
$23.00 - $28.00	115,137	$	26.76	6.5	$	1,063
$28.00 - $32.00	65,212	$	29.21	2.8		442
$32.00 - $39.00	11,972	$	36.74	8.3		7
	192,321	$	28.21	5.3	$	1,512

Schedule of accumulated other comprehensive income (loss)

	For the Nine Months Ended
	Aug. 31, 2019		Aug. 31, 2018
Balance at beginning of period	$	2,395	$	(284)
Other comprehensive (loss) income before reclassifications		(6,899)		2,088
Amounts reclassified		74		435
Adoption of ASU No. 2018-02 - reclassification of deferred taxes to retained earnings		—		(36)
Net activity for other comprehensive (loss) income		(6,825)		2,487
Balance at end of period	$	(4,430)	$	2,203

Schedule of components of accumulated other comprehensive income (loss)

	For the Three Months Ended
	August 31, 2019						August 31, 2018
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net income:
Loss on cash flow hedges (interest expense)	$	8	$	(2)	$	6	$	126	$	(29)	$	97
Change in other comprehensive (loss) income:
(Decrease) increase in fair value adjustments on Griffin’s cash flow hedges		(3,443)		798		(2,645)		168		(36)		132
Other comprehensive (loss) income	$	(3,435)	$	796	$	(2,639)	$	294	$	(65)	$	229

	For the Nine Months Ended
	August 31, 2019						August 31, 2018
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net income (loss):
Loss on cash flow hedges (interest expense)	$	96	$	(22)	$	74	$	557	$	(122)	$	435
Change in other comprehensive (loss) income:
(Decrease) increase in fair value adjustments on Griffin’s cash flow hedges		(8,896)		1,997		(6,899)		2,679		(591)		2,088
Other comprehensive (loss) income	$	(8,800)	$	1,975	$	(6,825)	$	3,236	$	(713)	$	2,523