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EARNINGS PER SHARE (EPS)
 12 Months Ended
May 31, 2023
EARNINGS PER SHARE (EPS)  
EARNINGS PER SHARE (''EPS'')

3. EARNINGS PER SHARE (“EPS”):

 

Basic EPS is determined using the weighted average number of common shares outstanding during the period. Diluted EPS is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of stock options, restricted shares, restricted shares units, or RSUs, and ESPP shares) outstanding during the period using the treasury stock method.

  

The following table presents the computation of basic and diluted earnings (net loss) per share attributable to Aehr Test Systems common shareholders (in thousands, except per share data):

 

 

Year Ended May 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Numerator: Net income (net loss)

 

$14,557

 

 

$9,450

 

 

$(2,027)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings (net loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

27,785

 

 

 

26,014

 

 

 

23,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in basic earnings (net loss) per share calculation  

 

 

27,785

 

 

 

26,014

 

 

 

23,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities

 

 

1,430

 

 

 

1,760

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings (net loss) per share

 

 

29,215

 

 

 

27,774

 

 

 

23,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (net loss) per share

 

$0.52

 

 

$0.36

 

 

$(0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (net loss) per share

 

$0.50

 

 

$0.34

 

 

$(0.09)

 

For the purpose of computing diluted earnings per share, weighted average potential common shares do not include stock options with an exercise price greater than the average fair value of the Company’s common stock for the period, as the effect would be anti-dilutive. Stock options to purchase 5,000 and 64,000 shares of common stock were outstanding as of May 31, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per share, because the inclusion of such shares would be anti-dilutive. Stock options to purchase 2,766,000 shares of common stock were outstanding on May 31, 2021 but were not included in the computation of diluted net loss per share, because the inclusion of such shares would be anti-dilutive.  ESPP rights to purchase 239,000 ESPP shares and RSUs for 132,000 shares were outstanding on May 31, 2021 but were not included in the computation of diluted net loss per share, because the inclusion of such shares would be anti-dilutive.