EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2018

4.	EARNINGS PER SHARE

Per share results have been computed based on the average number of common shares outstanding over the period in question. The computation of basic and diluted net income per share is determined using net income applicable to common shareholders as the numerator and the number of shares outstanding as the denominator as follows (in thousands, except per share amounts):

	Three Months Ended								Six Months Ended
	April 30,								April 30,
	2018				2017				2018				2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income	$	3,751	$	3,751	$	3,646	$	3,646	$	6,688	$	6,688	$	4,525	$	4,525
Undistributed earnings allocated to participating shares		(23)		(23)		(24)		(24)		(41)		(41)		(30)		(30)
Net income applicable to common shareholders	$	3,728	$	3,728	$	3,622	$	3,622	$	6,647	$	6,647	$	4,495	$	4,495

Weighted average shares outstanding		6,706		6,706		6,617		6,617		6,682		6,682		6,600		6,600
Stock options and contingently issuable shares		—		78		—		54		—		81		—		64
		6,706		6,784		6,617		6,671		6,682		6,763		6,600		6,664
Income per share	$	0.55	$	0.55	$	0.55	$	0.54	$	0.99	$	0.98	$	0.68	$	0.67