Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 6 Months Ended
May 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
12. Earnings Per Share

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

 

                                 
    For the three months ended     For the six months ended  

Description

   May 31, 2012     May 31, 2011     May 31, 2012     May 31, 2011  

Net income

   $ 1,976,760     $ 2,783,012     $ 7,723,801     $ 3,896,282  

Basic and diluted weighted average shares (1)

     9,180,935       9,156,931       9,178,923       9,151,776  

Basic and diluted earnings per share

   $ 0.22     $ 0.30     $ 0.84     $ 0.43  

 

(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 three and six months ended May 31, 2012 to the three and six months ended May 31, 2011 reflect the weighted average change in overall net income related to the consolidation of Mowood financial information and lease operating and securities transactions.