Earnings per share

6 Months Ended

Apr. 30, 2015

Earnings Per Share [Abstract]

Earnings per share

Note 5 - Earnings per share

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during the period had been exercised and the treasury stock method had been applied. Potentially dilutive securities totaling 624,209 and 228,903 for the three months ended April 30, 2015 and 2014, and 624,209 and 228,069 for the six months ended April 30, 2015 and 2014, respectively, were excluded from the calculation of diluted per share amounts because of their anti-dilutive effect.

The following table summarizes the computation of basic and diluted weighted average shares outstanding:

	Three Months Ended April 30,				Six Months Ended April 30,
	2015		2014		2015		2014
Weighted average shares outstanding for basic earnings per share		8,509,970		8,208,278		8,395,952		8,175,376
Add effects of potentially dilutive securities-assumed exercise of stock options		373,212		538,080		377,715		614,376
Weighted average shares outstanding for diluted earnings per share		8,883,182		8,746,358		8,773,667		8,789,752