Stockholders' Equity (Tables)

6 Months Ended

May 31, 2018

Schedule of basic and diluted per share results


	For the Three Months Ended				For the Six Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Net income (loss)	$	331	$	4,727	$	(1,392)	$	3,788

Weighted average shares outstanding for computation of basic per share results		5,006,000		5,001,000		5,003,000		5,020,000
Incremental shares from assumed exercise of Griffin stock options (a)		57,000		22,000		—		23,000
Adjusted weighted average shares for computation of diluted per share results		5,063,000		5,023,000		5,003,000		5,043,000

(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. The incremental shares from the assumed exercise of stock options for the 2018 six month period would have been 53,000.

Schedule of options granted to employees


	For the Six Months Ended
	May 31, 2018			May 31, 2017
		Fair Value per			Fair Value per
	Number of	Option at		Number of	Option at
	Shares	Grant Date		Shares	Grant Date
Non-employee directors	5,195	$	14.41	6,570	$	13.49
Employees	-	$	-	5,000	$	11.13
	5,195			11,570

Schedule of assumptions used in determining fair values of options


	For the Six Months Ended
	May 31, 2018		May 31, 2017
Expected volatility	30.5	%	32.7 to 39.6	%
Risk free interest rates	3.0	%	2.1 to 2.2	%
Expected option term (in years)	8.5		7.5 to 8.5
Annual dividend yield	1.1	%	0.8 to 0.9	%

Schedule of option holders


Number of option holders at May 31, 2018		29

Schedule of compensation expense and related tax benefits for stock options


	For the Three Months Ended				For the Six Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Compensation expense	$	88	$	88	$	178	$	170

Related tax benefit	$	13	$	20	$	26	$	40

Schedule of unrecognized compensation expense related to nonvested stock options


Balance of Fiscal 2018	$	181
Fiscal 2019	$	270
Fiscal 2020	$	128
Fiscal 2021	$	34

Summary of the activity under the Griffin Stock Option Plan


	For the Six Months Ended
	May 31, 2018			May 31, 2017
			Weighted			Weighted
			Avg.			Avg.
	Number of		Exercise	Number of		Exercise
	Shares		Price	Shares		Price
Outstanding at beginning of period	333,762	$	29.22	324,546	$	29.23
Granted	5,195	$	38.48	11,570	$	30.59
Exercised	(36,823)	$	32.81	—	$	—
Forfeited	(20,279)	$	33.78	(2,104)	$	38.00
Outstanding at end of period	281,855	$	28.60	334,012	$	29.22

Schedule of options by range of exercise prices


				Weighted Avg.
				Remaining
Range of Exercise Prices for	Outstanding at	Weighted Avg.		Contractual Life	Total Intrinsic
Vested and Nonvested Options	May 31, 2018	Exercise Price		(in years)	Value
$23.00 - $28.00	123,793	$	26.67	7.4	$	1,817
$28.00 - $32.00	124,248	$	29.08	3.6		1,524
$32.00 - $39.00	33,814	$	33.91	2.3		251
	281,855	$	28.60	5.1	$	3,592

Schedule of accumulated other comprehensive income (loss)


	For the Six Months Ended May 31, 2018
			Unrealized gain
	Unrealized gain on		on investment in
	cash flow hedges		Centaur Media		Total
Balance November 30, 2017	$	(284)	$	—	$	(284)
Other comprehensive income before reclassifications		1,956		—		1,956
Amounts reclassified		338		—		338
Adoption of ASU 2018-02 - reclassification to retained earnings		(36)		—		(36)
Net activity for other comprehensive income		2,258		—		2,258
Balance May 31, 2018	$	1,974	$	—	$	1,974


	For the Six Months Ended May 31, 2017
			Unrealized gain
	Unrealized loss on		on investment in
	cash flow hedges		Centaur Media		Total
Balance November 30, 2016	$	(1,062)	$	13	$	(1,049)
Other comprehensive loss before reclassifications		(625)		192		(433)
Amounts reclassified		427		—		427
Net activity for other comprehensive loss		(198)		192		(6)
Balance May 31, 2017	$	(1,260)	$	205	$	(1,055)

Schedule of components of accumulated other comprehensive income (loss)


	For the Three Months Ended
	May 31, 2018						May 31, 2017
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net income:
Loss on cash flow hedges (interest expense)	$	187	$	(41)	$	146	$	342	$	(124)	$	218

Increase (decrease) in fair value adjustments on Griffin’s cash flow hedges		9		(2)		7		(1,297)		468		(829)
Mark to market adjustment on Centaur Media for an increase in the foreign currency exchange rate		—		—		—		48		(16)		32
Mark to market adjustment on Centaur Media for an increase in fair value		—		—		—		52		(19)		33
Total change in other comprehensive income (loss)		9		(2)		7		(1,197)		433		(764)

Other comprehensive income (loss)	$	196	$	(43)	$	153	$	(855)	$	309	$	(546)


	For the Six Months Ended
	May 31, 2018						May 31, 2017
			Tax						Tax
			(Expense)		Net-of				(Expense)		Net-of
	Pre-Tax		Benefit		Tax		Pre-Tax		Benefit		Tax
Reclassification included in net (loss) income:
Loss on cash flow hedges (interest expense)	$	431	$	(93)	$	338	$	681	$	(254)	$	427

Increase (decrease) in fair value adjustments on Griffin’s cash flow hedges		2,511		(555)		1,956		(965)		340		(625)
Mark to market adjustment on Centaur Media for an increase in the foreign currency exchange rate		—		—		—		36		(12)		24
Mark to market adjustment on Centaur Media for an increase in fair value		—		—		—		259		(91)		168
Total change in other comprehensive income (loss)		2,511		(555)		1,956		(670)		237		(433)

Other comprehensive income (loss)	$	2,942	$	(648)	$	2,294	$	11	$	(17)	$	(6)