NOTE B – EARNINGS PER SHARE

Weighted Average Shares Outstanding

Reconciliation of the weighted average shares outstanding for basic and diluted earnings per share (“EPS”) for the three months ended July 31, 2026 and 2025, respectively, were as follows:

Public Offering

On July 30, 2026, the Company completed a public offering (the “Offering”) of 1,739,131 shares of the Company’s common stock, par value $1.00 per share (“common stock”). The Company offered and sold 1,086,957 shares of common stock, and certain selling stockholders offered and sold a total of 652,174 shares of common stock. The shares were sold to investors at $57.50 per share. The gross proceeds to the Company from the Offering were approximately $62.5 million. Net of underwriting discounts and commissions of approximately $3.8 million and offering expenses of approximately $0.6 million, the total proceeds received were approximately $58.1 million. The Company did not receive any proceeds from the sale of the shares by the selling stockholders.

In addition, the Company granted the underwriters to the Offering an option, exercisable for 30 days, to purchase up to 260,869 shares of common stock from the Company on the same terms (the “Option Shares”). On August 3, 2026, the underwriters exercised their option in full and on August 5, 2026, purchased the Option Shares from the Company. The gross proceeds to the Company from the sale of the Option Shares were approximately $15 million. Net of underwriting discounts and commissions of approximately $0.9 million, the total proceeds received were approximately $14.1 million in the second quarter of fiscal year 2027.