3. EARNINGS PER SHARE:

Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti‑dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.


	For Fiscal Years
	2019		2018
	Basic		Basic
Weighted average common shares outstanding		597,961		660,925
Net income available to common shareholders	$	3,202,943	$	3,614,610
Net earnings per share available to common shareholders	$	5.36	$	5.47


	For Fiscal Years
	2019		2018
	Diluted		Diluted
Weighted average common shares outstanding		597,961		660,925
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock(1)		11,875		11,524
Weighted average number of shares outstanding		609,836		672,449
Net income available to common shareholders	$	3,202,943	$	3,614,610
Net earnings per share available to common shareholders	$	5.25	$	5.38

(1)

Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.