Earnings Per Share

6 Months Ended

Nov. 30, 2020

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 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 at November 30 are as follows:

	2020		2019
Preferred stock convertible into common stock		-		3,333,333

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

For the six months ended November 30, 2020 and 2019:

	2020		2019
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	1,733,381	$	746,678
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Income per share of common stock - basic	$	0.06	$	0.03
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	1,733,381	$	746,678
Add: Preferred stock dividends for assumed conversion		163,836		-
Net income allocated to common stockholders	$	1,897,217	$	746,678
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		4,002,150		644,231
Weighted average common stock outstanding - diluted		32,363,351		29,005,432
Income per share of common stock – diluted	$	0.06	$	0.03

For the three months ended November 30, 2020 and 2019:

	2020		2019
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	873,180	$	304,428
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Income per share of common stock - basic	$	0.03	$	0.01
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	873,180	$	304,428
Add: Preferred stock dividends for assumed conversion		81,918		-
Net income allocated to common stockholders	$	955,098	$	304,428
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		4,002,482		639,959
Weighted average common stock outstanding - diluted		32,363,683		29,001,160
Income per share of common stock – diluted	$	0.03	$	0.01