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Note 10 - Earnings Per Share | 3 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] |
10. | Earnings Per Share
Basic EPS for the three months ended December 31, 2024 and 2023 was calculated by dividing net income by the weighted-average common shares outstanding during the period. Diluted EPS was calculated by dividing net income by the weighted-average common shares outstanding during the period plus potential dilutive common shares. Potential dilutive common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options are used to repurchase common stock at market value. The number of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. The computation of diluted EPS for the three months ended December 31, 2024 and 2023 excludes potentially dilutive shares of 2,117 and 3,730, respectively, because to include them would be antidilutive for the period. However, these shares could potentially dilute EPS in the future. A reconciliation of basic and diluted earnings per share is presented below:
|  | Three Months Ended December 31, |
|  | 2024 |  |  | 2023 |
Net income |  | $ | 5,269,689 |  |  | $ | 5,019,992 |
Weighted-average common shares |  |  | 10,259,717 |  |  |  | 10,029,243 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Options to purchase common stock |  |  | 4,280 |  |  |  | 2,111 |
Diluted average common shares |  |  | 10,263,997 |  |  |  | 10,031,354 |
Earnings per share of common stock: |  |  |  |  |  |  |  |
Basic |  | $ | 0.51 |  |  | $ | 0.50 |
Diluted |  | $ | 0.51 |  |  | $ | 0.50 |

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