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Earnings Per Share
 6 Months Ended
Mar. 31, 2015
Earnings Per Share  
Earnings Per Share:

 

5. Earnings Per Share

 

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$
(364,091

)

$
784,217

 

$
229,651

 

$
1,792,813

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 
16,925,028

 
16,915,823

 
16,940,377

 
16,901,955

 

Dilutive effect of share-based awards

 

—

 
236,855

 
103,358

 
221,557

 

Diluted weighted average shares

 
16,925,028

 
17,152,678

 
17,043,735

 
17,123,512

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

Basic EPS

 

$
(0.02

)

$
0.05

 

$
0.01

 

$
0.11

 

Diluted EPS

 

$
(0.02

)

$
0.05

 

$
0.01

 

$
0.10

 

 

Earnings per share (“EPS”) are 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, 2015 and 2014, there were 671,168 and 719,668 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, 2015 and 2014, respectively, 671,168 and 57,500 diluted weighted average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.

 

For the six months ended March 31, 2015 and 2014, respectively, 402,774 and 71,049 diluted weighted average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.