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Net Income Per Share
 6 Months Ended
Feb. 29, 2020
Net Income Per Share  
Net Income Per Share

Note 4 — Net Income Per Share

 

The Company has unvested share-based payment awards with a right to receive nonforfeitable dividends which are considered participating securities under ASC Topic 260, “Earnings Per Share.”  The Company allocates earnings to participating securities and computes earnings per share using the two-class method.  The determination of earnings per share under the two-class method is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

    

February 29, 2020

    

February 28, 2019

    

 

February 29, 2020

    

February 28, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

7,879

 

$

5,273

 

 

$

15,241

 

$

14,096

 

Less: Allocated to participating securities

 

 
69

 

 
41

 

 

 
118

 

 
110

 

Net income available to common shareholders

 

$

7,810

 

$

5,232

 

 

$

15,123

 

$

13,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 
9,355,821

 

 
9,332,288

 

 

 
9,353,985

 

 
9,330,929

 

Net income per share - Basic

 

$

0.83

 

$

0.56

 

 

$

1.62

 

$

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

7,879

 

$

5,273

 

 

$

15,241

 

$

14,096

 

Less: Allocated to participating securities

 

 
69

 

 
41

 

 

 
118

 

 
110

 

Net income available to common shareholders

 

$

7,810

 

$

5,232

 

 

$

15,123

 

$

13,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 
9,355,821

 

 
9,332,288

 

 

 
9,353,985

 

 
9,330,929

 

Additional dilutive common stock equivalents

 

 
88,390

 

 
40,742

 

 

 
85,230

 

 
46,238

 

Diluted weighted average shares outstanding

 

 
9,444,211

 

 
9,373,030

 

 

 
9,439,215

 

 
9,377,167

 

Net income per share - Diluted

 

$

0.83

 

$

0.56

 

 

$

1.60

 

$

1.49

 

 

For both the three- and six-month periods ended February 29, 2020, stock options to purchase 8,805 shares of common stock were outstanding but were not included in the calculation of diluted income per share because their inclusion would be anti-dilutive. For the three- and six-month periods ended February 28, 2019, stock options to purchase 15,625 and 14,022 shares of common stock were outstanding but were not included in the calculation of diluted income per share because their inclusion would be anti-dilutive. Included in the calculation of dilutive common stock equivalents are the unvested portion of restricted stock and stock options.