Earnings Per Share

9 Months Ended

Feb. 28, 2017

Earnings Per Share [Abstract]

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) available to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income (loss) available 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, as follows:

	2017		2016
Nine-month periods ended February 28(29):
Options to purchase common stock		-		675,000
Preferred stock convertible into common stock		3,333,333		3,333,333
Total		3,333,333		4,008,333
Three-month periods ended February 28(29):
Options to purchase common stock		-		675,000
Preferred stock convertible into common stock		3,333,333		3,333,333
Total		3,333,333		4,008,333

The following tables set forth the computation of basic and diluted earnings per share for the following periods:

	2017		2016
Nine-month periods ended February 28(29):
Numerator -
Net income (loss) available to common stockholders	$	697,337	$	(314,263	)
Denominator -
Weighted-average shares outstanding - basic		28,309,003		27,640,033
Incremental shares from assumed conversion of options and warrants		579,167		-
Diluted shares		28,888,170		27,640,033
Loss per share -
Basic and Diluted	$	0.02	$	(0.01	)
Three-month periods ended February 28(29):
Numerator -
Net income (loss) available to common   stockholders	$	773,667	$	(200,528	)
Denominator -
Weighted-average shares outstanding - basic		28,361,201		27,886,201
Incremental shares from assumed   conversion of options and warrants		573,913		-
Diluted shares		28,935,114		27,886,201
Loss per share -
Basic and Diluted	$	0.03	$	(0.01	)