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Net Income Per Share
 9 Months Ended
May 31, 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 May 31, 

 

 

Nine Months Ended May 31, 

 

 

    

2020

    

2019

    

 

2020

    

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,908

 

$

8,541

 

 

$

25,149

 

$

22,637

 

Less: Allocated to participating securities

 

 
86

 

 
68

 

 

 
201

 

 
177

 

Net income available to common shareholders

 

$

9,822

 

$

8,473

 

 

$

24,948

 

$

22,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 
9,363,559

 

 
9,337,436

 

 

 
9,357,176

 

 
9,333,098

 

Net income per share - Basic

 

$

1.05

 

$

0.91

 

 

$

2.67

 

$

2.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,908

 

$

8,541

 

 

$

25,149

 

$

22,637

 

Less: Allocated to participating securities

 

 
86

 

 
68

 

 

 
201

 

 
177

 

Net income available to common shareholders

 

$

9,822

 

$

8,473

 

 

$

24,948

 

$

22,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 
9,363,559

 

 
9,337,436

 

 

 
9,357,176

 

 
9,333,098

 

Additional dilutive common stock equivalents

 

 
65,704

 

 
41,474

 

 

 
78,721

 

 
44,650

 

Diluted weighted average shares outstanding

 

 
9,429,263

 

 
9,378,910

 

 

 
9,435,897

 

 
9,377,748

 

Net income per share - Diluted

 

$

1.04

 

$

0.90

 

 

$

2.64

 

$

2.39

 

 

For the three- and nine-month periods ended May 31, 2020, stock options to purchase 17,913 and 11,841 shares of common stock, respectively, 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 nine-month periods ended May 31, 2019, stock options to purchase 15,625 and 14,566 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.