EARNINGS PER SHARE
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,
202520242023
Basic40,852,564 40,180,925 39,480,367 
Effect of dilutive securities— — — 
Diluted40,852,564 40,180,925 39,480,367 
Securities excluded as their inclusion would be anti-dilutive5,121,073 3,973,382 3,491,099 

Historical Timeline

Fiscal YearFiled
2025Jul 18, 2025Showing above
2024Jul 25, 2024
2023Aug 3, 2023
2022Jul 22, 2022
2021Jul 27, 2021
2020Aug 10, 2020
2019Jul 25, 2019
2018Jul 23, 2018
2017Aug 4, 2017
2016Aug 1, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.