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13. Earnings Per Share

9 Months Ended

Jun. 30, 2019

Note 13: Earnings Per Share

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average shares of common stock outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential shares of common stock consist of the additional shares of common stock issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net earnings per share:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2019			2018			2019			2018
Basic

Net income	$	1,480,343		$	2,077,038		$	3,484,258		$	5,877,866
Less: preferred stock dividends		(292	)		(292	)		(876	)		(876	)
Net income applicable to common stock	$	1,480,051		$	2,076,746		$	3,483,382		$	5,876,990

Weighted average common shares outstanding		1,886,445			1,970,136			1,919,221			1,972,758

Basic earnings per share	$	0.78		$	1.05		$	1.81		$	2.98


Diluted

Net income applicable to common stock	$	1,480,051		$	2,076,746		$	3,483,382		$	5,876,990
Add: preferred stock dividends		292			292			876			876
Net income applicable for diluted earnings per share	$	1,480,343		$	2,077,038		$	3,484,258		$	5,877,866

Weighted average common shares outstanding		1,886,445			1,962,039			1,919,221			1,983,719
Add: Options		–			38,980			4,610			42,440
Add: Series B Preferred Stock		1,071,200			1,071,200			1,071,200			1,071,200
Add: Series B Preferred Stock Warrants		590,145			590,145			590,145			590,145
Add: Series E Preferred Stock		77,840			77,840			77,840			77,840
Assumed weighted average common shares outstanding		3,625,630			3,740,204			3,663,016			3,765,344

Diluted earnings per share	$	0.41		$	0.56		$	0.95		$	1.56

There are 200,418 and 121,250 common stock options that are anti-dilutive that are not included in the three months ended June 30, 2019 and 2018, diluted earnings per share computations, respectively.