Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 12 Months Ended
Nov. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

13. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

                         
    For the Years Ended  
    November 30,
2012		     November 30,
2011		     November 30,
2010		  

Net income

   $ 12,348,721     $ 2,922,143     $ 14,666,874  

Basic and diluted weighted average shares (1)

     9,182,425       9,159,809       9,107,070  

Basic and diluted earnings per share

   $ 1.34     $ 0.32     $ 1.61  

 

(1) Warrants to purchase shares of common stock were outstanding during the periods reflected in the table above, but were not included in the computation of diluted earnings per share because the warrants’ exercise price was greater than the average market value of the common shares and, therefore, the effect would be anti-dilutive.

The changes in earnings per share for the year ended November 30, 2012 to the year ended November 30, 2011, reflected the weighted average change in overall net income upon the consolidation of Mowood financial information and lease operating and securities transactions.