Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2020

Stockholders' Equity

Schedule of basic and diluted per share results

	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2020		Aug. 31, 2019		Aug. 31, 2020		Aug. 31, 2019
Net (loss) income	$	(641)	$	1,017	$	(1,654)	$	6,250
Weighted average shares outstanding for computation of basic per share results		5,179,000		5,073,000		5,126,000		5,068,000
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		5,179,000		5,113,000		5,126,000		5,102,000

(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 third quarter and 2020 nine month period would have been 76,000 and 60,000, respectively. For the 2020 third quarter and 2020 nine month period, there was a Warrant for the purchase of 504,590 shares of Common Stock that was anti-dilutive.

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

	For the Nine Months Ended
	Aug. 31, 2020			Aug. 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 Nine Months Ended
	Aug. 31, 2020		Aug. 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 August 31, 2020 29

Schedule of compensation expense and related tax benefits for stock options

	For the Three Months Ended				For the Nine Months Ended
	Aug. 31, 2020		Aug. 31, 2019		Aug. 31, 2020		Aug. 31, 2019
Compensation expense	$	125	$	21	$	385	$	205
Related tax benefit	$	26	$	9	$	69	$	35

Schedule of unrecognized compensation expense related to nonvested stock options

Balance of Fiscal 2020	$	124
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 Nine Months Ended
	August 31, 2020			August 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	(44,900)	$	28.73	(29,838)	$	28.71
Forfeited	—	$	—	(7,788)	$	32.62
Outstanding at end of period	256,180	$	35.74	192,321	$	28.21

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, 2020	Exercise Price		(in years)	Value
$23.00 - $28.00	110,972	$	26.75	5.4	$	2,933
$28.00 - $32.00	21,978	$	30.02	4.6		509
$32.00 - $47.00	123,230	$	44.84	9.3		1,027
	256,180	$	35.74	7.2	$	4,469

Schedule of accumulated other comprehensive loss

	For the Nine Months Ended
	Aug. 31, 2020			Aug. 31, 2019
Balance at beginning of period	$	(3,141)	$	2,395
Other comprehensive loss before reclassifications		(5,460)		(6,899)
Amounts reclassified		739		74
Net activity for other comprehensive loss		(4,721)		(6,825)
Balance at end of period	$	(7,862)	$	(4,430)

Schedule of components of accumulated other comprehensive loss

	For the Three Months Ended
	August 31, 2020						August 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)	$	506	$	(106)	$	400	$	8	$	(2)	$	6
Change in other comprehensive loss:
Decrease in fair value of Griffin’s cash flow hedges		(248)		52		(196)		(3,443)		798		(2,645)
Other comprehensive income (loss)	$	258	$	(54)	$	204	$	(3,435)	$	796	$	(2,639)

	For the Nine Months Ended
	August 31, 2020						August 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)	$	935	$	(196)	$	739	$	96	$	(22)	$	74
Change in other comprehensive loss:
Decrease in fair value of Griffin’s cash flow hedges		(6,835)		1,375		(5,460)		(8,896)		1,997		(6,899)
Other comprehensive loss	$	(5,900)	$	1,179	$	(4,721)	$	(8,800)	$	1,975	$	(6,825)