Earnings per Share Data

6 Months Ended

Mar. 31, 2020

Note 5

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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, 2020 and 2019:


	Quarter Ended March 31,					Six Months Ended March 31,
	2020			2019		2020		2019
Net Income (Loss)	$	(655,000	)	$	7,460,000	$	1,834,000	$	7,773,000

Common Shares:
Weighted average common shares outstanding		14,586,000			14,541,000		14,586,000		14,541,000
Effect of dilutive stock options		—			167,000		128,000		164,000

Diluted shares outstanding		14,586,000			14,708,000		14,714,000		14,705,000

Basic:
Net earnings (loss) per share	$	(0.04	)	$	0.51	$	0.13	$	0.53

Diluted:
Net earnings (loss) per share	$	(0.04	)	$	0.51	$	0.12	$	0.53

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.

For the quarter ended March 31, 2020, there w

ere

no common stock equivalents included in the diluted earnings per share calculation. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the six months ended March 31, 2020 were 260,000, which equates to 128,000 dilutive common stock equivalents. There were 30,000 weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation for the six months ended March 31, 2020 because they were anti-dilutive. 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, 2019 were 317,000 and 317,000, respectively, which equates to 167,000 and 164,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarter and six months ended March 31, 2019.