EARNINGS PER SHARE

9 Months Ended

Jul. 31, 2014

EARNINGS PER SHARE [Abstract]

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												Nine months ended
	July 31,												July 31,
	2014						2013						2014						2013
	Basic			Diluted			Basic			Diluted			Basic			Diluted			Basic			Diluted
Net income	$	4,375		$	4,375		$	854		$	854		$	10,280		$	10,280		$	6,291		$	6,291
Undistributed earnings allocated to participating shares		(35	)		(35	)		(9	)		(9	)		(83	)		(83	)		(66	)		(66	)
Net income applicable to common shareholders	$	4,340		$	4,340		$	845		$	845		$	10,197		$	10,197		$	6,225		$	6,225
Weighted average shares outstanding		6,505			6,505			6,458			6,458			6,493			6,493			6,452			6,452
Stock options		-			43			-			49			-			36			-			43
		6,505			6,548			6,458			6,507			6,493			6,529			6,452			6,495
Income per share	$	0.67		$	0.66		$	0.13		$	0.13		$	1.57		$	1.56		$	0.96		$	0.96