3. EARNINGS PER SHARE:

Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti‑dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive options.


	For Fiscal Years
	2018		2017
	Basic		Basic
Weighted average common shares outstanding		660,925		679,478
Net income available to common shareholders	$	3,614,610	$	2,949,576
Net earnings per share available to common shareholders	$	5.47	$	4.34


	For Fiscal Years
	2018		2017
	Diluted		Diluted
Weighted average common shares outstanding		660,925		679,478
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock(1)		11,524		12,705
Weighted average number of shares outstanding		672,449		692,183
Net income available to common shareholders	$	3,614,610	$	2,949,576
Net earnings per share available to common shareholders	$	5.38	$	4.26

(1)

Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.