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Note 10 - Earnings Per Share
 6 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

10.

Earnings Per Share

 

Basic EPS for the three and six months ended March 31, 2025 and 2024 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 March 31, 2025 and 2024 excludes potentially dilutive shares of 2,203 and 2,712 respectively, and 2,160 and 3,175, respectively, for the six months ended March 31, 2025 and 2024, because to include them would be antidilutive for the periods. 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 March 31,

  

Six Months Ended March 31,

 
  

2025

  

2024

  

2025

  

2024

 

Net income

 $7,676,208  $6,443,390  $12,945,897  $11,463,382 

Weighted-average common shares

  10,304,222   10,170,595   10,281,725   10,099,533 

Effect of dilutive securities:

                

Options to purchase common stock

  4,146   3,411   4,214   2,751 

Diluted average common shares

  10,308,368   10,174,006   10,285,939   10,102,284 

Earnings per share of common stock:

                

Basic

 $0.74  $0.63  $1.26  $1.14 

Diluted

 $0.74  $0.63  $1.26  $1.13