| Income (Loss) per Share |
Note 7. Income (Loss) per Share
Basic income (loss) per share is computed by dividing the net income (loss) adjusted for preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share includes the weighted average common shares outstanding and potentially dilutive common stock equivalents. The reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations are as follows:
|
|
|
|
|
|
|
Three months ended August 31, |
(in thousands, except per share amounts) |
2024 |
|
2023 |
Basic net income (loss) per share: |
|
|
|
|
|
Net income (loss) |
$ |
19,227 |
|
$ |
(11,571) |
Less: Accrued preferred stock dividends |
|
(372) |
|
|
(373) |
Net income (loss) applicable to common stockholders |
$ |
18,855 |
|
$ |
(11,944) |
Basic: |
|
|
|
|
|
Weighted average common shares outstanding |
|
1,135,043 |
|
|
923,587 |
Income (loss) per share |
$ |
0.02 |
|
$ |
(0.01) |
Diluted net income (loss) per share: |
|
|
|
|
|
Net income (loss) |
$ |
18,855 |
|
$ |
(11,944) |
Reallocation of undistributed earnings as a result of conversion of preferred stock |
|
372 |
|
|
— |
Net income (loss) applicable to common stockholders |
$ |
19,227 |
|
$ |
(11,944) |
|
|
|
|
|
|
Number of shares used in basic computation |
|
1,135,043 |
|
|
923,587 |
Weighted-average effect of dilutive securities |
|
|
|
|
|
Warrant exercises |
|
25,450 |
|
|
— |
Preferred stock conversions |
|
37,794 |
|
|
— |
Diluted weighted average common shares outstanding |
|
1,198,287 |
|
|
923,587 |
Diluted income (loss) per share |
$ |
0.02 |
|
$ |
(0.01) |
The table below shows the approximate number of shares of common stock issuable upon the exercise, vesting, or conversion of outstanding options, warrants, convertible notes, and convertible preferred stock (including undeclared dividends) that were not included in the computation of diluted weighted average number of shares of common stock outstanding for the periods presented:
|
|
|
|
|
|
Three months ended August 31, |
|
(in thousands) |
2024 |
|
2023 |
|
Stock options and warrants |
232,597 |
|
276,503 |
|
Convertible notes |
12,000 |
|
12,000 |
|
Convertible preferred stock |
— |
|
34,818 |
|
Reserved for issuance of common stock through a placement agent |
— |
|
14,663 |
|
Reserved for issuance of common stock related to note conversion |
— |
|
11,474 |
|
|