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EARNINGS PER SHARE
 3 Months Ended
Oct. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

 

Basic Earnings Per Share

 

Basic earnings per share is calculated by dividing the net profit for the year by the weighted average number of common shares outstanding during the financial year of the Company.

 

 

 

Three month period ended

 

 

 

October 31,
2017

 

 

October 31,
2016

 

Net Income for the period

 

 $ 616,806

 

 

 $ 324,757

 

 

 

 

 

 

 

 

 

 

Number of common shares outstanding

 

 

 52,042,286

 

 

 

 52,042,286

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share

 

 $ 0.01

 

 

 $ 0.01

 

 

Diluted Earnings Per Share

 

For the purpose of calculating diluted earnings per share, the profit attributable to equity holders of the Company and the weighted average number of shares outstanding during the fiscal period have been adjusted for the dilutive effects of all potential common shares, share options and deferred share units (“DSUs”) granted to management. The dilutive earnings per share is calculated by dividing the adjusted net income (loss) for the period by the weighted average number of shares that would have been in issue upon full exercise of the outstanding DSUs.

 

 

 

Three month period ended

 

 

 

October 31,
2017

 

 

October 31,
2016

 

Net Income for the period

 

 $ 616,806

 

 

 $ 324,757

 

Gains associated with DSUs

 

 

 (647,769 )

 

 

 (360,969 )

Adjusted Net Income (Loss) for the period

 

 $ (30,963 )

 

 $ (36,212 )

 

 

 

 

 

 

 

 

 

Number of common shares outstanding

 

 

 52,042,286

 

 

 

 52,042,286

 

DSUs at beginning of period

 

 

 5,942,841

 

 

 

 1,645,653

 

DSUs issued during the period*

 

 

 -

 

 

 

 -

 

DSUs waived during the period**

 

 

 (5,051,407 )

 

 

 -

 

Adjusted number of common shares outstanding

 

 

 52,933,720

 

 

 

 53,687,939

 

 

 

 

 

 

 

 

 

 

Diluted Earnings (Loss) per Share

 

 $ (0.00 )

 

 $ (0.00 )

__________

* Shares were issued on the final day of the three month period; accordingly, for the three month period, any weighted average issued and outstanding would be nil. As of August 1, 2017, no further DSUs are being issued by the Company.

 

** Shares were waived as of August 1, 2017. As such, there were 891,434 DSUs outstanding throughout the entire three month period ended October 31, 2017.