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Note 9 - Net Income Per Common Share | 9 Months Ended
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May 31, 2020
Notes to Financial Statements |
Earnings Per Share [Text Block] | 9. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share assumes the exercise of stock options using the treasury stock method, if dilutive. There was no dilution for the three months ended May 31, 2020 due to the loss position of the Company. 71,273 shares were excluded from the computation for the three months ended May 31, 2020. The following is a reconciliation of the net income per share computation for the three and nine months ended May 31, 2020 and 2019:
|  | Three Months Ended |  | Nine Months Ended
Numerator: |  | May 31, 2020 |  | May 31, 2019 |  | May 31, 2020 |  | May 31, 2019
Net income attributable to NTIC |  | $ | (965,221 | ) |  | $ | 1,482,149 |  |  | $ | 427,163 |  |  | $ | 4,380,776 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic – weighted shares outstanding |  |  | 9,099,990 |  |  |  | 9,084,354 |  |  |  | 9,096,981 |  |  |  | 9,085,584 |
Weighted shares assumed upon exercise of stock options |  |  | - |  |  |  | 308,090 |  |  |  | 215,933 |  |  |  | 355,274 |
Diluted – weighted shares outstanding |  |  | 9,099,990 |  |  |  | 9,392,444 |  |  |  | 9,312,914 |  |  |  | 9,440,858 |
Basic net income per share: |  | $ | (0.11 | ) |  | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | 0.48 |
Diluted net income per share: |  | $ | (0.11 | ) |  | $ | 0.16 |  |  | $ | 0.05 |  |  | $ | 0.46 |
| * | Share and per share data have been adjusted for all periods presented to reflect the two -for- one stock split effective June 28, 2019.
The dilutive impact summarized above relates to the periods when the average market price of the Company’s common stock exceeded the exercise price of the potentially dilutive option securities granted. Net income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the nine months ended May 31, 2020 were options outstanding to purchase 633,176 shares of common stock. Excluded from the computation of diluted net income per share for the three and nine months ended May 31, 2019 were options outstanding to purchase 141,768 shares of common stock.

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