Stockholders' Equity (Tables)

6 Months Ended

May 31, 2020

Stockholders' Equity

Schedule of basic and diluted per share results

	For the Three Months Ended				For the Six Months Ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Net (loss) income	$	(693)	$	5,819	$	(1,013)	$	5,233
Weighted average shares outstanding for computation of basic per share results		5,125,000		5,067,000		5,100,000		5,066,000
Incremental shares from assumed exercise of Griffin stock options (a)		—		40,000		—		31,000
Adjusted weighted average shares for computation of diluted per share results		5,125,000		5,107,000		5,100,000		5,097,000

(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 2020 second quarter and 2020 six month period would have been 43,000 and 49,000, respectively.

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

	For the Six Months Ended
	May 31, 2020			May 31, 2019
		Fair Value per			Fair Value per
	Number of	Option at		Number of	Option at
	Shares	Grant Date		Shares	Grant Date
Non-employee directors	111,258	$	11.00 - 14.17	5,946	$	12.87

Schedule of assumptions used in determining fair values of options

	For the Six Months Ended
	May 31, 2020		May 31, 2019
Expected volatility	29.7 - 30.3	%	30.9	%
Risk free interest rates	0.5 - 0.9	%	2.3	%
Expected option term (in years)	8.5		8.5
Annual dividend yield	1.3	%	1.2	%

Schedule of option holders

Number of option holders at May 31, 2020 29

Schedule of compensation expense and related tax benefits for stock options

	For the Three Months Ended				For the Six Months Ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Compensation expense	$	203	$	94	$	260	$	184
Related tax benefit	$	34	$	13	$	43	$	26

Schedule of unrecognized compensation expense related to nonvested stock options

Balance of Fiscal 2020	$	249
Fiscal 2021	$	442
Fiscal 2022	$	377
Fiscal 2023	$	244
Fiscal 2024	$	120
Fiscal 2025	$	23

Summary of the activity under the Griffin Stock Option Plan

	For the Six Months Ended
	May 31, 2020			May 31, 2019
	Number of		Weighted Avg.	Number of		Weighted Avg.
	Shares		Exercise Price	Shares		Exercise Price
Outstanding at beginning of period	189,822	$	28.23	224,001	$	28.20
Granted	111,258	$	45.72	5,946	$	36.99
Exercised	(2,734)	$	29.25	(29,838)	$	28.71
Forfeited	—	$	—	(2,788)	$	35.86
Outstanding at end of period	298,346	$	34.74	197,321	$	28.28

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	May 31, 2020	Exercise Price		(in years)	Value
$23.00 - $28.00	112,638	$	26.76	5.7	$	1,536
$28.00 - $32.00	62,478	$	29.21	2.1		698
$32.00 - $47.00	123,230	$	44.84	9.6		61
	298,346	$	34.74	6.6	$	2,295

Schedule of accumulated other comprehensive loss

	For the Six Months Ended
	May 31, 2020			May 31, 2019
Balance at beginning of period	$	(3,141)	$	2,395
Other comprehensive loss before reclassifications		(5,264)		(4,254)
Amounts reclassified		339		68
Net activity for other comprehensive loss		(4,925)		(4,186)
Balance at end of period	$	(8,066)	$	(1,791)

Schedule of components of accumulated other comprehensive loss

	For the Three Months Ended
	May 31, 2020						May 31, 2019
			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)	$	304	$	(60)	$	244	$	33	$	(7)	$	26
Change in other comprehensive loss:
Decrease in fair value of Griffin’s cash flow hedges		(3,186)		446		(2,740)		(3,530)		776		(2,754)
Other comprehensive loss	$	(2,882)	$	386	$	(2,496)	$	(3,497)	$	769	$	(2,728)

	For the Six Months Ended
	May 31, 2020						May 31, 2019
			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)	$	429	$	(90)	$	339	$	88	$	(20)	$	68
Change in other comprehensive loss:
Decrease in fair value of Griffin’s cash flow hedges		(6,587)		1,323		(5,264)		(5,453)		1,199		(4,254)
Other comprehensive loss	$	(6,158)	$	1,233	$	(4,925)	$	(5,365)	$	1,179	$	(4,186)