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Stockholders' Equity (Tables)
 6 Months Ended
May 31, 2014
Stockholders' Equity  
Schedule of basic and diluted per share results

 

 

 

 

For the Three Months Ended,

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

May 31, 2014

 

June 1, 2013

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations for computation of basic and diluted per share results, net of tax

 

$

(225

)

$

(394

)

$

(1,323

)

$

1,290

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations for computation of basic and diluted per share results, net of tax

 

390

 

282

 

118

 

(92

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

165

 

$

(112

)

$

(1,205

)

$

1,198

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for computation of basic per share results

 

5,147,000

 

5,142,000

 

5,147,000

 

5,141,000

 

 

 

 

 

 

 

 

 

 

 

Incremental shares from assumed exercise of Griffin stock options (a)

 

—

 

—

 

—

 

6,000

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares for computation of diluted per share results

 

5,147,000

 

5,142,000

 

5,147,000

 

5,147,000

 

 

(a)                   Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive.  Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations.  The incremental shares from the assumed exercise of stock options in the three month and six month periods ended May 31, 2014 would have been 12,000 and 13,000, respectively.  The incremental shares from the assumed exercise of stock options in the three months ended June 1, 2013 would have been 8,000. 

 
Schedule of options granted under 2009 Stock Option Plan to non-employee directors upon their re-election to Board of Directors

 

 

 

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

 

 

Number of
Shares

 

Fair Value per
Option at Grant
Date

 

Number of
Shares

 

Fair Value per
Option at Grant
Date

 

 

 

 

 

 

 

 

 

 

 

Non-employee directors

 

8,532

 

$

12.42

 

8,112

 

$

12.94

 

 
Schedule of assumptions used in determining fair values of the stock options granted

 

 

 

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

 

 

 

 

 

 

Expected volatility

 

38.9

%

40.3

%

Risk free interest rate

 

2.16

%

1.33

%

Expected option term (in years)

 

8.5

 

8.5

 

Annual dividend yield

 

$

0.20

 

$

0.20

 

 
Summary of the activity under the Griffin Stock Option Plan

 

 

 

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

 

 

Number of
Shares

 

Weighted
Avg.
Exercise
Price

 

Number of
Shares

 

Weighted
Avg.
Exercise
Price

 

Outstanding at beginning of period

 

239,677

 

$

30.35

 

243,841

 

$

29.88

 

Granted

 

8,532

 

$

28.12

 

8,112

 

$

29.58

 

Exercised

 

(3,208

)

$

24.94

 

(6,776

)

$

11.81

 

Forfeited

 

(23,000

)

$

30.27

 

—

 

 

 

Outstanding at end of period

 

222,001

 

$

30.35

 

245,177

 

$

30.37

 

 
Schedule of options by range of exercise prices

 

Range of Exercise
Prices

 

Outstanding at
May 31, 2014

 

Weighted Avg.
Exercise Price

 

Weighted Avg.
Remaining
Contractual Life
(in years)

 

Total
Intrinsic
Value

 

$23.00-$28.00

 

18,068

 

$

25.45

 

6.5

 

$

48

 

$28.00-$32.00

 

120,858

 

$

28.90

 

6.0

 

$

—

 

$32.00-$39.00

 

83,075

 

$

33.52

 

4.4

 

$

—

 

 

 

222,001

 

$

30.35

 

5.4

 

$

48

 

 
Schedule of option holders

 

Number of option holders at May 31, 2014

 

14

 

 
Schedule of compensation expense and related tax benefits for stock options

 

 

 

 

For the Three Months Ended,

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

May 31, 2014

 

June 1, 2013

 

 

 

 

 

 

 

 

 

 

 

Compensation expense - continuing operations

 

$

60

 

$

130

 

$

213

 

$

236

 

Compensation expense - discontinued operations

 

—

 

22

 

(130

)

31

 

Net compensation expense

 

$

60

 

$

152

 

$

83

 

$

267

 

 

 

 

 

 

 

 

 

 

 

Related tax benefit - continuing operations

 

$

16

 

$

28

 

$

40

 

$

57

 

 
Schedule of unrecognized compensation expense related to nonvested stock options that will be recognized during future periods

 

 

Balance of Fiscal 2014

 

$

125

 

Fiscal 2015

 

$

153

 

Fiscal 2016

 

$

33

 

 
Schedule of accumulated other comprehensive loss, net of tax

 

 

 

 

Unrealized gain

 

Unrealized gain

 

Actuarial gain

 

 

 

 

 

(loss) on cash

 

(loss) on investment

 

on postretirement

 

 

 

 

 

flow hedges

 

in Centaur Media

 

benefits program

 

Total

 

Balance November 30, 2013

 

$

(1,401

)

$

648

 

$

304

 

$

(449

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income before reclassfications

 

(332

)

327

 

—

 

(5

)

Amounts reclassified

 

317

 

(204

)

(304

)

(191

)

Net activity for other comprehensive loss

 

(15

)

123

 

(304

)

(196

)

Balance May 31, 2014

 

$

(1,416

)

$

771

 

$

—

 

$

(645

)

 

 

 

Unrealized gain

 

Unrealized gain

 

Actuarial gain

 

 

 

 

 

(loss) on cash

 

(loss) on investment

 

on postretirement

 

 

 

 

 

flow hedges

 

in Centaur Media

 

benefits program

 

Total

 

Balance December 1, 2012

 

$

(2,011

)

$

1,054

 

$

236

 

$

(721

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

(loss) before reclassifications

 

267

 

(672

)

—

 

(405

)

Amounts reclassified

 

230

 

(332

)

—

 

(102

)

Net activity for other comprehensive loss

 

497

 

(1,004

)

—

 

(507

)

Balance June 1, 2013

 

$

(1,514

)

$

50

 

$

236

 

$

(1,228

)

 
Schedule of changes in accumulated other comprehensive income (loss)

 

 

 

 

For the Three Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

 

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications included in net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expense)

 

$

(485

)

$

181

 

$

(304

)

$

—

 

$

—

 

$

—

 

Loss on cash flow hedges (interest expense)

 

253

 

(93

)

160

 

191

 

(71

)

120

 

Total reclassifications included in net income (loss)

 

(232

)

88

 

(144

)

191

 

(71

)

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate

 

1

 

(1

)

—

 

20

 

(7

)

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for a decrease in fair value

 

(327

)

115

 

(212

)

(995

)

349

 

(646

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Decrease) increase in fair value adjustments on Griffin’s cash flow hedges

 

(349

)

128

 

(221

)

293

 

(109

)

184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total change in other comprehensive (loss) income

 

(675

)

242

 

(433

)

(682

)

233

 

(449

)

Other comprehensive (loss) income

 

$

(907

)

$

330

 

$

(577

)

$

(491

)

$

162

 

$

(329

)

 

 

 

For the Six Months Ended,

 

 

 

May 31, 2014

 

June 1, 2013

 

 

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

Pre-Tax

 

Tax
(Expense)
Benefit

 

Net-of-Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications included in net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain on sale of Centaur Media (gain on sale)

 

$

(321

)

$

117

 

$

(204

)

$

(509

)

$

177

 

$

(332

)

Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expense)

 

(485

)

181

 

(304

)

—

 

—

 

—

 

Loss on cash flow hedges (interest expense)

 

503

 

(186

)

317

 

366

 

(136

)

230

 

Total reclassifications included in net income (loss)

 

(303

)

112

 

(191

)

(143

)

41

 

(102

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate

 

62

 

(22

)

40

 

(223

)

78

 

(145

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mark to market adjustment on Centaur Media for an increase (decrease) in fair value

 

441

 

(154

)

287

 

(811

)

284

 

(527

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Decrease) increase in fair value adjustments on Griffin’s cash flow hedges

 

(526

)

194

 

(332

)

424

 

(157

)

267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total change in other comprehensive (loss) income

 

(23

)

18

 

(5

)

(610

)

205

 

(405

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income

 

$

(326

)

$

130

 

$

(196

)

$

(753

)

$

246

 

$

(507

)