Earnings Per Share

9 Months Ended

Feb. 28, 2022

Income Per Share of Common Stock -

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 (loss) 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 for the three months ended February 28, 2022 and 2021, are as follows:

	2022		2021
Preferred stock convertible into common stock		3,333,333		3,333,333

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

For the nine months ended February 28, 2022 and 2021:

	2022		2021
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	3,044,535	$	2,366,837
Denominator -
Weighted-average shares outstanding - basic		28,472,256		28,361,201
Income per share of common stock - basic	$	0.11	$	0.08
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	3,044,535	$	2,366,837
Add: Preferred stock dividends for assumed conversion		243,082		243,973
Net income allocated to common stockholders	$	3,287,617	$	2,610,810
Denominator -
Weighted-average shares outstanding – basic		28,472,256		28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		3,828,828		4,001,811
Weighted average common stock outstanding – diluted		32,301,084		32,363,012
Income per share of common stock – diluted	$	0.10	$	0.08

For the three months ended February 28, 2022 and 2021:

	2022		2021
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	452,458	$	633,456
Denominator -
Weighted-average shares outstanding – basic		28,472,639		28,361,201
Income per share of common stock – basic	$	0.02	$	0.02
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	452,458	$	633,456
Denominator -
Weighted-average shares outstanding - basic		28,472,639		28,361,201
Incremental shares from assumed conversion of warrants or options, as appropriate		494,505		667,956
Weighted average common stock outstanding - diluted		28,967,144		29,029,157
Income (loss) per share of common stock – diluted	$	0.02	$	0.02