Earnings per Share

9 Months Ended

May 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4. Earnings per Share

The following is a reconciliation of the numerators and denominators of the basic and diluted computations for earnings per common share (unaudited and in thousands, except per share data):

	Three Months Ended May 31,				Nine Months Ended May 31,
	2017		2016		2017		2016
(In thousands, except share and per share amounts)
EPS:
Net income	$	1,278	$	1,619	$	2,686	$	2,850
Less: accrued preferred stock dividends		(19)		(19)		(57)		(57)
Net income available for common shareholders	$	1,259	$	1,600	$	2,629	$	2,793
Weighted average number of common shares outstanding		4,861,590		4,861,590		4,861,590		4,861,590
Earnings per common share – basic and diluted	$	0.26	$	0.33	$	0.54	$	0.57

For the three and nine months ended May 31, 2017 and 2016, 40,000 potential common shares (issuable upon conversion of 36,000 shares of the Company’s Series A Cumulative Convertible Preferred Stock) have been excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive since the conversion price was greater than the average market price of the common stock.