| Effect of the Errors |
The effect of the errors to the Company’s consolidated Statements of Operations and Comprehensive Income for the three and six months ended February 28, 2021 were as follows:
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For the Three Months Ended February 28, 2021 |
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As Reported |
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Adjustments |
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As Adjusted |
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(In thousands) |
Statement of Operations |
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Other Income |
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Recognition of public improvement reimbursables including interest income - related party |
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$ |
20,327 |
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$ |
(723) |
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$ |
19,604 |
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Income tax expense |
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$ |
(5,667) |
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$ |
178 |
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$ |
(5,489) |
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Net Income |
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$ |
17,352 |
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$ |
(545) |
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$ |
16,807 |
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Earnings per common share - Diluted |
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$ |
0.72 |
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$ |
(0.02) |
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$ |
0.70 |
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Weighted average common shares outstanding - Diluted |
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24,092 |
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24,092 |
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24,092 |
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For the Six Months Ended February 28, 2021 |
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As Reported |
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Adjustments |
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As Adjusted |
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(In thousands) |
Statement of Operations |
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Other Income |
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Recognition of public improvement reimbursables including interest income - related party |
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$ |
20,327 |
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$ |
(723) |
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$ |
19,604 |
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Income tax expense |
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$ |
(5,927) |
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$ |
178 |
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$ |
(5,749) |
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Net Income |
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$ |
18,197 |
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$ |
(545) |
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$ |
17,652 |
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Earnings per common share - Diluted |
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$ |
0.76 |
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$ |
(0.02) |
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$ |
0.74 |
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Weighted average common shares outstanding - Diluted |
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24,064 |
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24,064 |
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24,064 |
The effect of the errors to the Company’s consolidated Balance Sheet as of February 28, 2021, were as follows:
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As of February 28, 2021 |
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Balance |
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As Reported |
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Adjustments |
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As Adjusted |
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(In thousands) |
Balance Sheet |
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Assets |
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Public improvement reimbursables - Phase 1 |
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$ |
21,466 |
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$ |
(723) |
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$ |
20,743 |
Liabilities |
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Income taxes payable |
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$ |
4,267 |
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$ |
(178) |
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$ |
4,089 |
Equity |
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Accumulated deficit |
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$ |
(72,766) |
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$ |
(545) |
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$ |
(73,311) |
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