Earnings Per Share (Policies)

9 Months Ended

May 31, 2017

Policies

Earnings Per Share

Earnings per share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding in the period. Diluted earnings per common share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive common shares.

The earnings per share data for the three and nine month periods ended May 31, 2017 and 2016 are as follows:

	Three Month Periods ended May 31,		Nine Month Periods ended May 31,
	2017	2016	2017	2016
Net income	$  1,206,135	$  908,730	$  2,001,068	$ 1,572,935
Basic weighted average number of common shares outstanding	2,286,294	2,458,170	2,286,294	2,470,566
Effect of dilutive securities
Stock options	-	-	-	-
Diluted weighted average number of common shares outstanding	2,286,294	2,458,170	2,286,294	2,470,566