Earnings per Share Data

6 Months Ended

Mar. 31, 2022

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, 2022 and 2021:


	Quarter Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Net Income	$	439,000	$	2,288,000	$	165,000	$	3,839,000

Common Shares:
Weighted average common shares outstanding		14,658,000		14,614,000		14,658,000		14,611,000
Effect of dilutive stock options		—		133,000		—		129,000

Diluted shares outstanding		14,658,000		14,747,000		14,658,000		14,740,000

Basic:
Net income per share	$	0.03	$	0.16	$	0.01	$	0.26

Diluted:
Net income per share	$	0.03	$	0.16	$	0.01	$	0.26

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. As of September 30, 2021, no options were available for granting of awards under the 2009 Incentive Compensation Plan (the “2009 Plan”) and as of November 1, 2021, there were no outstanding stock options under the 2009 Plan.

For the quarter and six months ended

arch 31, 2022, there were 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 quarter ended March 31, 2021 were 252,000, which equates to 133,000 dilutive common stock equivalents. 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, 2021 were 252,000, which equates to 129,000 dilutive common stock equivalents. There were no anti-dilutive shares for the quarter and six months ended March 31, 2022 and March 31, 2021.