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Earnings Per Share | 6 Months Ended
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Mar. 31, 2014
Earnings Per Share |
Earnings Per Share | 5. Earnings Per Share
|  | Three months ended March 31, |  | Six Months Ended March 31, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 784,217 |  | $ | 1,107,128 |  | $ | 1,792,813 |  | $ | 1,424,715 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average shares |  | 16,915,823 |  | 16,776,924 |  | 16,901,955 |  | 16,692,715 |
Dilutive effect of share-based awards |  | 236,855 |  | 4,832 |  | 221,557 |  | 2,420 |
Diluted weighted average shares |  | 17,152,678 |  | 16,781,756 |  | 17,123,512 |  | 16,695,135 |
Earnings per common share: |  |  |  |  |  |  |  |  |
Basic EPS |  | $ | 0.05 |  | $ | 0.07 |  | $ | 0.11 |  | $ | 0.09 |
Diluted EPS |  | $ | 0.05 |  | $ | 0.07 |  | $ | 0.10 |  | $ | 0.09 |
Earnings per share (“EPS”) is calculated pursuant to FASB ASC Topic 260, Earnings Per Share (“ASC Topic 260”). Basic 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 March 31, 2014 and 2013, there were 719,668 and 901,300 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 the three months ended March 31, 2014 and 2013, respectively, 57,500 and 799,022 weighted dilutive shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive. Quarterly and full year-to-date EPS are calculated independently based on the weighted average number of shares outstanding during each quarter. As a result, the sum of each quarter’s per share amount may not equal the total per share amount for the year-to-date.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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