Earnings Per Share

9 Months Ended

Feb. 28, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 2. Earnings Per Share

Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.

Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. Instruments which have an anti-dilutive effect at February 28(29) are as follows:

	2021		2020
For the nine months ended February 28(29):
Preferred stock convertible into common stock		-		3,333,333
For the three months ended February 28(29):
Preferred stock convertible into common stock		3,333,333		-

The following tables set forth the computation of basic and diluted earnings per share.

Nine months ended February 28(29), 2021 and 2020:
	2021		2020
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	2,366,837	$	2,546,483
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Income per share of common stock - basic	$	0.08	$	0.09
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	2,366,837	$	2,546,483
Add: Preferred stock dividends for assumed conversion		243,973		-
Net income allocated to common stockholders	$	2,610,810	$	2,546,483
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		4,001,811		642,000
Weighted average common stock outstanding - diluted		32,363,012		29,003,201
Income per share of common stock – diluted	$	0.08	$	0.09

Three months ended February 28(29), 2021 and 2020:
	2021		2020
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	633,456	$	1,799,805
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Income per share of common stock - basic	$	0.02	$	0.06
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	633,456	$	1,799,805
Add: Preferred stock dividends for assumed conversion		-		99,726
Net income allocated to common stockholders	$	633,456	$	1,899,531
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		667,956		3,971,631
Weighted average common stock outstanding - diluted		29,029,157		32,332,832
Income per share of common stock – diluted	$	0.02	$	0.06