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2. Significant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended
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Aug. 31, 2020
Policies |
Earnings Per Share | Earnings per share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding in the period. Diluted earnings per common share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive common shares. The earnings per share data for the fiscal years ended August 31, 2020 and 2019 are as follows:
|  | 2020 | 2019
Net income | $ | 2,784,525 |  | $ | 2,100,452
Basic weighted average number of common shares outstanding |  | 3,623,413 |  |  | 4,233,304
Effect of dilutive securities |  |  |  |  |
Stock options |  | - |  |  | -
Diluted weighted average number of common shares outstanding |  | 3,623,413 |  |  | 4,233,304
Basic and diluted earnings per common share | $ | 0.77 |  | $ | 0.50

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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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