EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2012

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Per share results have been computed based on the average number of common shares outstanding. The computation of basic and diluted net income per share is determined using net income applicable to common shareholders as the numerator and the number of shares outstanding as the denominator as follows (in thousands, except per share amounts):

	Three months ended												Six months ended
	April 30,												April 30,
	2012						2011						2012						2011
	Basic			Diluted			Basic			Diluted			Basic			Diluted			Basic			Diluted
Net income	$	2,962		$	2,962		$	2,349		$	2,349		$	7,595		$	7,595		$	3,895		$	3,895
Undistributed earnings Allocated to participating Shares		(26	)		(26	)		(13	)		(13	)		(65	)		(65	)		(19	)		(19	)
Net income applicable to common shareholders	$	2,936		$	2,936		$	2,336		$	2,336		$	7,530		$	7,530		$	3,876		$	3,876
Weighted average shares
Outstanding		6,443			6,443			6,441			6,441			6,442			6,442			6,441			6,441
Stock options		—			36			—			48			—			31			—			35
		6,443			6,479			6,441			6,489			6,442			6,473			6,441			6,476
Income per share	$	0.46		$	0.45		$	0.36		$	0.36		$	1.17		$	1.16		$	0.60		$	0.60