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EARNINGS PER SHARE
 9 Months Ended
May 31, 2016
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE

NOTE 4 – EARNINGS PER SHARE



The Company presents basic net income per share using the two-class method.  The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders and that determines basic net income per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings that would have been available to common stockholders.  A participating security is defined as a security that may participate in undistributed earnings with common stock.  The Company’s capital structure includes securities that participate with common stock on a one-for-one basis for distribution of dividends.  These are the restricted stock awards and restricted stock units authorized within the 2013 Equity Incentive Award Plan.  The Company determines the diluted net income per share by using the more dilutive of the two class-method or the treasury stock method and by including the basic weighted average of outstanding stock options in the calculation of diluted net income per share under the two-class method and including all potential common shares assumed issued in the calculation of diluted net income per share under the treasury stock method.



The following table sets forth the computation of net income per share for the three and nine months ended May 31, 2016, (in thousands, except per share amounts):







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Nine Months Ended



 

May 31,

 

May 31,

 

May 31,

 

May 31,



 

2016

 

2015

 

2016

 

2015

Net income

 

$

 16,837 

 

$

 21,195 

 

$

 66,451 

 

$

 66,677 

Less: Allocation of income to unvested stockholders

 

 

 (288)

 

 

 (257)

 

 

 (1,041)

 

 

 (856)

Net earnings available to common stockholders

 

$

 16,549 

 

$

 20,938 

 

$

 65,410 

 

$

 65,821 

Basic weighted average shares outstanding

 

 

 29,951 

 

 

 29,883 

 

 

 29,918 

 

 

 29,834 

Add dilutive effect of stock options (two-class method)

 

 

 4 

 

 

 5 

 

 

 5 

 

 

 7 

Diluted average shares outstanding

 

 

 29,955 

 

 

 29,888 

 

 

 29,923 

 

 

 29,841 

Basic net income per share

 

$

 0.55 

 

$

 0.70 

 

$

 2.19 

 

$

 2.20 

Diluted net income per share

 

$

 0.55 

 

$

 0.70 

 

$

 2.19 

 

$

 2.20