Earnings per Share Data

9 Months Ended

Jun. 30, 2016

Note 5 – Earnings per Share Data

The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2016 and 2015:


	Quarter Ended June 30,				Nine Months Ended June 30,
	2016		2015		2016		2015
Net Income	$	2,114,000	$	266,000	$	5,319,000	$	354,000

Common Shares:
Weighted average common shares outstanding		9,555,000		9,521,000		9,547,000		9,521,000
Effect of dilutive stock options		139,000		66,000		111,000		67,000

Diluted shares outstanding		9,694,000		9,587,000		9,658,000		9,588,000

Basic:
Net earnings per share	$	0.22	$	0.03	$	0.56	$	0.04

Diluted:
Net earnings per share	$	0.22	$	0.03	$	0.55	$	0.04

Basic earnings per share are based on the weighted-average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2016 were 331,000 and 325,000, respectively, which equates to 139,000 and 111,000 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 nine months ended June 30, 2015 were 342,000 and 343,000, respectively, which equates to 66,000 and 67,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and nine months ended June 30, 2016 and June 30, 2015.