Earnings Per Share (Tables)

9 Months Ended

Feb. 28, 2015

Income (Loss) Per Share of Common Stock -

Schedule of Antidilutive Securities

Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive, as follows:

	2015		2014
Nine-month periods ended February 28:
Options to purchase common stock		1,150,000		350,000
Preferred stock convertible into common stock		3,333,334		3,333,334
Total		4,483,334		3,683,334
Three-month periods ended February 28:
Options to purchase common stock		-		2,450,000
Preferred stock convertible into common stock		3,333,334		3,333,334
Total		3,333,334		5,783,334

Schedule of Computation of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share for the nine-month and three-month periods ended February 28, 2015 and 2014:

	2015			2014
Nine-month periods ended February 28:
Numerator -
Net income (loss) available to common stockholders	$	(382,764	)	$	1,084,473
Denominator -
Weighted-average shares outstanding - basic		26,828,417			26,111,201
Incremental shares from assumed conversion of options		-			1,441,008
Diluted shares		26,828,417			27,552,209
Earnings (Loss) per share -
Basic	$	(0.01	)	$	0.04
Diluted	$	(0.01	)	$	0.04
Three-month periods ended February 28:
Numerator -
Net income (loss) available to common stockholders	$	198,859		$	(213,553	)
Denominator -
Weighted-average shares outstanding - basic		27,309,812			26,111,201
Incremental shares from assumed conversion of options		704,839			-
Diluted shares		28,014,651			26,111,201
Earnings (Loss) per share -
Basic	$	(0.01	)	$	(0.01	)
Diluted	$	(0.01	)	$	(0.01	)