Earnings per Share Data

6 Months Ended

Mar. 31, 2016

Note 5 – Earnings per Share Data

The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2016 and 2015:


	Quarter Ended March 31,				Six Months Ended March 31,
	2016		2015		2016		2015
Net Income	$	1,630,000	$	1,184,000	$	3,205,000	$	89,000

Common Shares:
Weighted average common shares outstanding		9,546,000		9,519,000		9,543,000		9,519,000
Effect of dilutive stock options		113,000		65,000		97,000		69,000

Diluted shares outstanding		9,659,000		9,584,000		9,640,000		9,588,000

Basic:
Net earnings per share	$	0.17	$	0.12	$	0.34	$	0.01

Diluted:
Net earnings per share	$	0.17	$	0.12	$	0.33	$	0.01

Basic earnings per share is based on the weighted-average number of shares outstanding. Diluted earnings per share is based on the sum of the weighted-average number of shares outstanding plus common stock equivalents. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2016 were 317,000 and 321,000, respectively, which equates to 113,000 and 97,000 dilutive common stock equivalents, respectively. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2015 were 344,000, which equates to 65,000 and 69,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and six month periods ended March 31, 2016 and 2015.