Earnings Per Share

12 Months Ended

May 31, 2023

Basic earnings per share are based on the weighted average number of common shares outstanding. In addition, diluted earnings per share include the dilutive effect of potential common stock consisting of stock options, restricted stock units and performance stock units, provided that the inclusion of such securities is not anti-dilutive. In periods with a net loss, stock options and restricted stock units are not included in the computation of basic loss per share as the impact would be anti-dilutive.

The following table reconciles basic to diluted weighted average shares outstanding:


	Year ended May 31,
	2023	2022	2021
Basic	39,480,367	39,009,419	38,342,476
Effect of dilutive securities	—	—	—
Diluted	39,480,367	39,009,419	38,342,476

Securities excluded as their inclusion would be anti-dilutive	3,491,099	3,465,738	3,285,354