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Note 11 - Net Income Per Common Share | 9 Months Ended
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May 31, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] | 11. 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. The following is a reconciliation of the net income per share computation for the three and nine months ended May 31, 2022 and 2021:
|  | Three Months Ended May 31, |  |  | Nine Months Ended May 31, |
Numerator: |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net income attributable to NTIC |  | $ | 1,000,167 |  |  | $ | 2,053,916 |  |  | $ | 5,676,773 |  |  | $ | 4,628,890 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic – weighted shares outstanding |  |  | 9,227,912 |  |  |  | 9,109,861 |  |  |  | 9,216,216 |  |  |  | 9,107,243 |
Weighted shares assumed upon exercise of stock options |  |  | 350,886 |  |  |  | 862,139 |  |  |  | 466,430 |  |  |  | 721,809 |
Diluted – weighted shares outstanding |  |  | 9,578,797 |  |  |  | 9,972,000 |  |  |  | 9,682,646 |  |  |  | 9,829,052 |
Basic net income per share: |  | $ | 0.11 |  |  | $ | 0.23 |  |  | $ | 0.62 |  |  | $ | 0.51 |
Diluted net income per share: |  | $ | 0.11 |  |  | $ | 0.21 |  |  | $ | 0.59 |  |  | $ | 0.47 |
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 market method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the three and nine months ended May 31, 2022 were options outstanding to purchase 327,793 shares of common stock. Excluded from the computation of diluted net income per share for the three and nine months ended May 31, 2021 were options outstanding to purchase 136,221 shares of common stock.

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