Earnings Per Share

6 Months Ended

Nov. 30, 2022

Loss 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 periods ended November 30 are as follows:

	2022		2021
For the six months ended November 30:
Preferred stock convertible into common stock		3,333,333		-
For the three months ended November 30:
Preferred stock convertible into common stock		3,333,333		3,333,333
Warrants exercisable into common stock		500,000		500,000
Total		3,833,333		3,833,333

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

For the six months ended November 30, 2022 and 2021:

	2022		2021
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	908,128	$	2,592,077
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,472,676
Income per share of common stock - basic	$	0.03	$	0.09
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	908,128	$	2,592,077
Add: Preferred stock dividends for assumed conversion		-		162,945
Net income allocated to common stockholders	$	908,128	$	2,755,022
Denominator -
Weighted-average shares outstanding – basic		28,279,701		28,472,676
Incremental shares from assumed conversion of warrants and preferred stock, as appropriate		493,506		3,829,060
Weighted average common stock outstanding – diluted		28,773,207		32,301,736
Income per share of common stock – diluted	$	0.03	$	0.09

For the three months ended November 30, 2022 and 2021:

	2022			2021
Basic earnings per share of common stock:
Numerator -
Net loss attributable to common stockholders	$	(306,596	)	$	(378,844	)
Denominator -
Weighted-average shares outstanding - basic		28,279,701			28,561,201
Loss per share of common stock - basic	$	(0.01	)	$	(0.01	)
Diluted earnings per share of common stock:
Numerator -
Net loss attributable to common stockholders	$	(306,596	)	$	(378,844	)
Denominator -
Weighted-average shares outstanding - basic		28,279,701			28,561,201
Incremental shares from assumed conversion of warrants and preferred stock, as appropriate		-			-
Weighted average common stock outstanding – diluted		28,279,701			28,561,201
Loss per share of common stock - diluted	$	(0.01	)	$	(0.01	)