Earnings per Share Data

3 Months Ended

Dec. 31, 2019

Note 5 – Earnings per Share Data

The following table sets forth the computation of basic and diluted earnings per share for the quarters ended December 31, 2019 and 2018:


	December 31, 2019		December 31, 2018
Net income	$	2,489,000	$	313,000

Common Shares:
Weighted-average common shares outstanding		14,586,000		14,541,000
Effect of dilutive stock options		134,000		158,000

Weighted-average diluted shares outstanding		14,720,000		14,699,000

Basic:
Net income per share	$	0.17	$	0.02

Diluted:
Net income per share	$	0.17	$	0.02

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.

Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2019 were 272,000, which equates to 134,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2018 were 317,000, which equated to 158,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculations because they were anti-dilutive, were zero for the quarters ended December 31, 2019 and 2018.