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Note 6 - Earnings Per Share

9 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 6 – 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 issuable securities totaling 471,464 and 298,015 shares for the three months ended July 31, 2022 and 2021, respectively, and 482,889 and 371,338 shares for the nine months ended July 31, 2022 and 2021, 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 July 31,								Nine Months Ended July 31,
		2022				2021				2022				2021

Weighted average shares outstanding for basic earnings per share			10,127,244				9,979,578				10,100,767				9,955,193

Add effects of potentially dilutive securities-assumed exercise of stock options			111,688				170,818				132,442				175,979

Weighted average shares outstanding for diluted earnings per share			10,238,932				10,150,396				10,233,209				10,131,172