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Earnings Per Share

9 Months Ended

Jun. 30, 2025

Earnings Per Share

Earnings Per Share

5. Earnings Per Share


		Three Months Ended June 30,						Nine Months Ended June 30,
		2025			2024			2025			2024
Numerator:
Net income		$	2,443,814		$	1,552,520		$	8,516,348		$	3,818,186
Denominator:
Basic weighted average shares			17,601,814			17,461,652			17,554,824			17,455,903
Dilutive effect of share-based awards			233,934			5,607			154,971			20,186
Diluted weighted average shares			17,835,748			17,467,259			17,709,795			17,476,089

Net income per common share:
Basic		$	0.14		$	0.09		$	0.49		$	0.22
Diluted		$	0.14		$	0.09		$	0.48		$	0.22

Net income per share is calculated pursuant to ASC Topic 260, “Earnings per Share.” 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 MSUs and RSUs.

The number of incremental shares from the assumed exercise of time vested stock options , MSOs, and RSUs is calculated by using the treasury stock method. The number of incremental shares from assumed vestings of MSUs is calculated using the ‘if-converted method.’ As of June 30, 2025, 67,000 and 44,421 weighted average outstanding MSUs were included in the three and nine months ended June 30, 2025 weighted-average diluted shares calculation, respectively using the if converted method. As of June 30, 2025 and 2024, there were 361,613 and 361,613 options to purchase common stock outstanding, respectively, and 201,000 and 0 MSUs subject to vesting outstanding, respectively.

As of June 30, 2025 and 2024, there were 339,782 and 250,975 shares of restricted stock units subject to vesting outstanding, respectively. The weighted average outstanding diluted shares calculation excludes time vested options and MSOs with an exercise

price that exceeds the average market price of shares during the period. Additionally, the weighted-average diluted shares calculation excludes RSUs that are deemed anti-dilutive when applying the treasury stock method.

For the three months ended June 30, 2025 and 2024, respectively, 241,934 and 529,918 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, 2025 and 2024, respectively, 246,720 and 329,026 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.