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Earnings per Share
 9 Months Ended
May 31, 2018
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 (in thousands, except per share data):
 
 
 
Three Months Ended
May 31,
 
Nine Months Ended
May 31,
 
 
 
2018
 
2017
 
2018
 
2017
 
EPS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
2,253
 
$
1,278
 
$
4,767
 
$
2,686
 
Less: accrued preferred stock dividends
 
 
(19)
 
 
(19)
 
 
(57)
 
 
(57)
 
Net income available for common shareholders
 
$
2,234
 
$
1,259
 
$
4,710
 
$
2,629
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share – basic and diluted
 
$
0.46
 
$
0.26
 
$
0.97
 
$
0.54
 
 
For the three and nine months ended May 31, 2018 and 2017, 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.