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Note 10 - Earnings Per Share
 9 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

10.

Earnings Per Share

 

Basic EPS for the three and nine months ended June 30, 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 June 30, 2025 and 2024 excludes potentially dilutive shares of 1,695 and 2,164 respectively, and 2,000 and 2,793, respectively, for the nine months ended June 30, 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 June 30,

  

Nine Months Ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Net income

 $538,412  $156,692  $13,484,309  $11,620,074 

Weighted-average common shares

  10,319,232   10,188,592   10,294,227   10,129,111 

Effect of dilutive securities:

                

Options to purchase common stock

  4,933   4,205   4,461   3,236 

Diluted average common shares

  10,324,165   10,192,797   10,298,688   10,132,347 

Earnings per share of common stock:

                

Basic

 $0.05  $0.02  $1.31  $1.15 

Diluted

 $0.05  $0.02  $1.31  $1.15