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Earnings Per Share

6 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

6. Earnings Per Share


		Three Months Ended March 31,						Six Months Ended March 31,
		2026			2025			2026			2025
Numerator:
Net income		$	3,434,092		$	5,336,342		$	7,493,155		$	6,072,534
Denominator:
Basic weighted average shares			17,801,685			17,548,844			17,747,927			17,531,328
Dilutive effect of share-based awards			500,598			95,150			434,965			82,358
Diluted weighted average shares			18,302,283			17,643,994			18,182,892			17,613,686

Net income per common share:
Basic		$	0.19		$	0.30		$	0.42		$	0.35
Diluted		$	0.19		$	0.30		$	0.41		$	0.34

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 the assumed vesting of MSUs is calculated using the “if-converted” method.

As of March 31, 2026 and 2025, 31,897 and 0 weighted average outstanding MSUs were included in the three months ended March 31, 2026 and 2025 weighted-average diluted shares calculation, respectively, using the if converted method. As of March 31, 2026 and 2025, 125,188 and 0 weighted average outstanding MSUs were included in the six months ended March 31, 2026 and 2025 weighted-average diluted shares calculation, respectively, using the if converted method.

As of March 31, 2026 and 2025, there were 412,085 and 433,655 options to purchase common stock outstanding, respectively, and 66,762 and 201,000 MSUs subject to vesting outstanding, respectively.

As of March 31, 2026 and 2025, there were 262,264 and 194,914 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 March 31, 2026 and 2025, respectively, 24,114 and 136,613 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, 2026 and 2025, respectively, 12,057 and 249,113 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.