Stockholders' Equity

3 Months Ended

Feb. 28, 2015

Stockholders' Equity

Stockholders' Equity

7.Stockholders’ Equity

Per Share Results

Basic and diluted per share results were based on the following:

	For the Three Months Ended,
	Feb. 28, 2015		Feb. 28, 2014
Loss from continuing operations for computation of basic and diluted per share results, net of tax	$	(708)	$	(1,098)
Loss from discontinued operations for computation of basic and diluted per share results, net of tax		—		(272)
Net loss	$	(708)	$	(1,370)
Weighted average shares outstanding for computation of basic per share results	5,150,000		5,147,000
Incremental shares from assumed exercise of Griffin stock options (a)	—		—
Adjusted weighted average shares for computation of diluted per share results	5,150,000		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 periods ended February 28, 2015 and 2014 would have been 18,000 and 16,000, respectively.

Griffin Stock Option Plan

Stock options are granted by Griffin under the Griffin Land & Nurseries, Inc. 2009 Stock Option Plan (the “2009 Stock Option Plan”). Options granted under the 2009 Stock Option Plan may be either incentive stock options or non-qualified stock options issued at fair market value on the date approved by Griffin’s Compensation Committee. Vesting of all of Griffin’s previously issued stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options issued will expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options issued to non-employee directors upon their reelection to the board of directors vest on the second anniversary from the date of grant. Stock options issued to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at February 28, 2015 may be exercised as stock appreciation rights. Griffin did not grant any stock options in either the 2015 first quarter or 2014 first quarter.

Activity under the Griffin Stock Option Plan is summarized as follows:

	For the Three Months Ended,
	February 28, 2015				February 28, 2014
	Number of Shares		Weighted Avg. Exercise Price		Number of Shares		Weighted Avg. Exercise Price
Outstanding at beginning of period		222,001	$	30.35		239,677	$	30.35
Forfeited		—	$	—		(23,000)	$	30.27
Outstanding at end of period		222,001	$	30.35		216,677	$	30.36

Range of Exercise Prices	Outstanding at February 28, 2015		Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life (in years)		Total Intrinsic Value
$23.00-$28.00		18,068	$	25.45		5.7	$	121
$28.00-$32.00		120,858	$	28.90		5.9	$	390
$32.00-$39.00		83,075	$	33.52		3.6	$	—
		222,001	$	30.35		5.0	$	511

Number of option holders at February 28, 2015 14 

Compensation expense and related tax benefits for stock options were as follows:

	For the Three Months Ended,
	Feb. 28, 2015		Feb. 28, 2014
Compensation expense - continuing operations	$	93	$	153
Compensation expense - discontinued operations		—		(130)
Net compensation expense	$	93	$	23
Related tax benefit - continuing operations	$	18	$	24
Related tax benefit - discontinued operations		—		—
Net related tax benefit	$	18	$	24

As of February 28, 2015, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows:

Balance of Fiscal 2015	$	97
Fiscal 2016	$	47

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, net of tax, is comprised of the following:

			Unrealized gain
	Unrealized loss on		on investment in
	cash flow hedges		Centaur Media		Total
Balance November 30, 2014	$	(1,464)	$	629	$	(835)
Other comprehensive (loss) income before reclassfications		(326)		15		(311)
Amounts reclassified		177		—		177
Net activity for other comprehensive loss		(149)		15		(134)
Balance February 28, 2015	$	(1,613)	$	644	$	(969)

	Unrealized		Unrealized gain		Actuarial gain
	loss on cash		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 reclassifications	(111)		539		—		428
Amounts reclassified	157		(204)		—		(47)
Net activity for other comprehensive loss	46		335		—		381
Balance February 28, 2014	$	(1,355)	$	983	$	304	$	(68)

The components of other comprehensive (loss) income are as follows:

	For the Three Months Ended,
	February 28, 2015						February 28, 2014
	Pre-Tax		Tax (Expense) Benefit		Net-of-Tax		Pre-Tax		Tax (Expense) Benefit		Net-of-Tax
Reclassifications included in net loss:
Loss on cash flow hedges (interest expense)	$	281	$	(104)	$	177	$	250	$	(93)	$	157
Realized gain on sale of Centaur Media (gain on sale)	—		—		—		(321)		117		(204)
Total reclassifications included in net loss	281		(104)		177		(71)		24		(47)
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	(26)		9		(17)		61		(21)		40
Mark to market adjustment on Centaur Media for an increase in fair value	50		(18)		32		768		(269)		499
Decrease in fair value adjustments on Griffin’s cash flow hedges	(518)		192		(326)		(177)		66		(111)
Total other changes in other comprehensive (loss) income	(494)		183		(311)		652		(224)		428
Other comprehensive (loss) income	$	(213)	$	79	$	(134)	$	581	$	(200)	$	381

Cash Dividend

Griffin did not declare a cash dividend in the 2015 or 2014 first quarters. During the 2015 first quarter, Griffin paid $1,030 for the cash dividend declared in the 2014 fourth quarter. During the 2014 first quarter, Griffin paid $1,029 for the cash dividend declared in the 2013 fourth quarter.