5. Earnings Per Share

	Three Months Ended March 31,					Six Months Ended March 31,
	2018			2017		2018			2017
Numerator:
Net loss	$	(1,316,871	)	$	5,930,425	$	(2,198,490	)	$	4,735,453
Denominator:
Basic weighted average shares	16,800,244			16,735,503		16,791,687			16,725,759
Dilutive effect of share-based awards	—			111,556		—			109,997

Diluted weighted average shares	16,800,244			16,847,059		16,791,687			16,835,756


Earnings per common share:
Basic EPS	$	(0.08	)	$	0.35	$	(0.13	)	$	0.28

Diluted EPS	$	(0.08	)	$	0.35	$	(0.13	)	$	0.28

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, 2018 and 2017, there were 556,834 and 586,834 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 the three months ended March 31, 2018 and 2017, respectively, 574,167 and 336,834 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, 2018 and 2017, respectively, 580,501 and 337,090 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.

Net income and EPS in the prior year periods were positively impacted by approximately $4.1 million of other income related to the Company’s settlement agreement with Delta Air Lines, Inc. (See Note 6 to condensed consolidated financial statements).