Earnings per Share

9 Months Ended

May 31, 2024

Earnings per Share

Earnings per Share

Note 6.    Earnings per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted computations for earnings per common share (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	May 31,				May 31,
	2024		2023		2024		2023
(In thousands, except share and per share amounts)
EPS:
Net income	$	1,184	$	5,319	$	8,461	$	15,130
Less: accrued preferred stock dividends		(19)		(19)		(57)		(57)
Net income available for common shareholders	$	1,165	$	5,300	$	8,404	$	15,073
Earnings per common share – basic	$	0.24	$	1.09	$	1.73	$	3.10
Earnings per common share – diluted	$	0.24	$	1.09	$	1.73	$	3.09

For each of the three and nine months ended May 31, 2024 and 2023, 40,000 potential common shares (issuable upon conversion of 36,000 shares of the Company’s Series A cumulative convertible preferred stock) have been excluded from the computation of diluted earnings per share because their inclusion of such shares would be anti-dilutive since the conversion price was greater than the average market price of the common stock.