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Earnings per share
 6 Months Ended
Apr. 30, 2013
Earnings Per Share [Abstract]  
Earnings per share

Note 4 - 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 23,279 and 699,897 for the three months ended April 30, 2013 and 2012, and 161,559 and 699,897 for the six months ended April 30, 2013 and 2012, 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,  
    2013     2012     2013     2012  
                         
Weighted average shares outstanding for basic earnings per share     7,610,309       6,872,439       7,337,101       6,938,395  
                                 
Add effects of potentially dilutive securities-assumed exercise of stock options     851,235       751,366       912,354       734,871  
                                 
Weighted average shares for diluted net earnings per share     8,461,544       7,623,805       8,249,455       7,673,266