Note 3 - Net Income Per Share of Common Stock

6 Months Ended

May 31, 2013

Earnings Per Share [Text Block]

Earnings Per Share [Text Block]

3)    Net Income Per Share of Common Stock

Basic net income per common share has been computed on the basis of the weighted average number of common shares outstanding. Diluted net income per share has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming exercise of stock options.

Basic and diluted earnings per common share have been computed based on the following as of May 31, 2013 and May 31, 2012:

	For the three months ended
	May 31, 2013		May 31, 2012
Basic:
Numerator: net income	$	514,240	$	935,981
Denominator: average number of common shares outstanding		4,037,552		4,031,439
Basic earnings per common share	$	0.13	$	0.23
Diluted:
Numerator: net income	$	514,240	$	935,981
Average number of common shares outstanding		4,037,552		4,031,439
Effect of dilutive stock options		14,140		16,348
Denominator: dilutive average number of common shares outstanding		4,051,692		4,047,787
Diluted earnings per common share	$	0.13	$	0.23

	For the six months ended
	May 31, 2013		May 31, 2012
Basic:
Numerator: net income	$	1,333,500	$	1,129,479
Denominator: average number of common shares outstanding		4,036,302		4,029,825
Basic earnings per common share	$	0.33	$	0.28
Diluted:
Numerator: net income	$	1,333,500	$	1,129,479
Average number of common shares outstanding		4,036,302		4,029,825
Effect of dilutive stock options		13,178		17,521
Denominator: dilutive average number of common shares outstanding		4,049,480		4,047,346
Diluted earnings per common share	$	0.33	$	0.28