5. Earnings Per Share

	Three Months Ended June 30,					Nine Months Ended June 30,
	2018			2017		2018			2017
Numerator:
Net loss	$	(1,041,037	)	$	19,220	$	(3,239,527	)	$	4,754,673
Denominator:
Basic weighted average shares	16,816,838			16,755,082		16,800,070			16,735,533
Dilutive effect of share-based awards	—			115,322		—			111,772

Diluted weighted average shares	16,816,838			16,870,404		16,800,070			16,847,305


Earnings per common share:
Basic EPS	$	(0.06	)	$	0.00	$	(0.19	)	$	0.28

Diluted EPS	$	(0.06	)	$	0.00	$	(0.19	)	$	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 June 30, 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 June 30, 2018 and 2017, respectively, 306,834 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 nine months ended June 30, 2018 and 2017, respectively, 322,612 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 nine months ended June 30, 2017 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).