Dividends and earnings (loss) per share	9 Months Ended
Jul. 31, 2022
Earnings per share:
Dividends and earnings (loss) per share	Note 3 – Dividends and earnings per share: The FREIT Board of Directors (“Board”) did not declare a dividend in the third quarter of Fiscal 2022. Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 14) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2022, the outstanding stock options increased the average dilutive shares outstanding by approximately 72,000 and 74,000 shares, respectively, with an impact of approximately $0.05 and $0.00, respectively, on earnings per share. For the nine and three months ended July 31, 2021, the outstanding stock options increased the average dilutive shares outstanding by approximately 2,000 and 4,000 shares, respectively, with no impact on earnings per share. There were no anti-dilutive shares for the nine and three months ended July 31, 2022. There were approximately 268,000 anti-dilutive shares for both the nine and three months ended July 31, 2021, respectively. Anti-dilutive shares consist of out-of-the money stock options under the Equity Incentive Plan (See Note 13).

Dividends and earnings (loss) per share

9 Months Ended

Jul. 31, 2022

Note 3 – Dividends and earnings per share:

The FREIT Board of Directors (“Board”) did not declare a dividend in the third quarter of Fiscal 2022. Basic earnings per share is calculated by dividing net income attributable to common equity (numerator) by the weighted average number of shares and vested share units (See Note 14) outstanding during each period (denominator). The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator is increased to include the number of additional shares that would have been outstanding if all potentially dilutive shares, such as those issuable upon the exercise of stock options, were issued during the period using the Treasury Stock method. Under the Treasury Stock method, the assumption is that the proceeds received upon exercise of the options, including the unrecognized stock option compensation expense attributable to future services, are used to repurchase FREIT’s stock at the average market price during the period, thereby increasing the number of shares to be added in computing diluted earnings per share. For the nine and three months ended July 31, 2022, the outstanding stock options increased the average dilutive shares outstanding by approximately 72,000 and 74,000 shares, respectively, with an impact of approximately $0.05 and $0.00, respectively, on earnings per share. For the nine and three months ended July 31, 2021, the outstanding stock options increased the average dilutive shares outstanding by approximately 2,000 and 4,000 shares, respectively, with no impact on earnings per share. There were no anti-dilutive shares for the nine and three months ended July 31, 2022. There were approximately 268,000 anti-dilutive shares for both the nine and three months ended July 31, 2021, respectively. Anti-dilutive shares consist of out-of-the money stock options under the Equity Incentive Plan (See Note 13).