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Net Income Per Share:
 12 Months Ended
Sep. 30, 2014
Net Income Per Share:  
Net Income Per Share:

4.  Net Income Per Share:

 

 

 

For the Fiscal Year Ended September 30,

 

 

 

2014

 

2013

 

2012

 

Numerator:

 

 

 

 

 

 

 

Net income

 

$
200,268 

 

$
1,886,917 

 

$
2,978,994 

 

Denominator:

 

 

 

 

 

 

 

Basic weighted average shares

 
16,927,879 

 
16,753,068 

 
16,641,895 

 

Dilutive effect of share-based awards

 
221,227 

 
102,786 

 
5 

 

Diluted weighted average shares

 
17,149,106 

 
16,855,854 

 
16,641,900 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

 

$
0.01 

 

$
0.11 

 

$
0.18 

 

Diluted

 

$
0.01 

 

$
0.11 

 

$
0.18 

 

 

Net income per share is calculated pursuant to ASC Topic 260, Earnings per Share (“ASC Topic 260”).  Basic earnings per share (“EPS”) excludes potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period.  Diluted EPS is computed assuming the conversion or exercise of all dilutive securities such as employee stock options.

 

The number of incremental shares from the assumed exercise of stock options is calculated by using the treasury stock method. As of September 30, 2014 and 2013, there were 687,168 and 824,834 options to purchase common stock outstanding, respectively.  The average outstanding diluted shares calculation excludes options with an exercise price that exceeds the average market price of shares during the period.  For fiscal years 2014, 2013 and 2012, 55,666, 445,472, and 806,200 options to purchase common stock, respectively, were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive.