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Note 9 - Net Income (Loss) Per Share Attributable to Common Shareholders
 3 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

9.   Net Income (Loss) Per Share Attributable to Common Shareholders

 

Basic net income (loss) per share is computed by dividing net income (loss) applicable to common shareholders by the weighted average number of common shares outstanding.  Diluted net loss per share attributable to common shareholders is computed using the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and warrants using the “treasury stock” method and convertible preferred stock using the “as-if-converted” method. The computation of diluted earnings per share does not include the effect of outstanding stock options, warrants and convertible preferred stock that are considered anti-dilutive.

 

Basic and diluted net income (loss) per share is computed as follows:

 

  

Three Months Ended December 31,

 

(in thousands, except per share data)

 

2022

  

2021

 

Numerator:

        

Net income (loss) - basic earnings per share

 $(80

)

 $1,872 

Effect on dilutive securities:

        

Change in fair value of in-the-money warrant derivative liabilities

  (2)  (1,247

)

Net income (loss) applicable to common shareholders – diluted earnings per share

 $(82

)

 $625 
         

Denominator:

        

Weighted-average shares outstanding for basic earnings per share

  10,417,609   10,189,012 

Effect on dilutive securities:

        

Options

  -   242,699 

Warrants

  13,213   155,017 

Preferred Stock

  -   38,889 

Weighted-average shares outstanding for diluted earnings per share

  10,430,822   10,625,617 
         

Basic net income (loss) per share

 $(0.01) $0.18 

Diluted net income (loss) per share

 $(0.01) $0.06 

 

Potential common stock equivalents excluded from the computation of diluted net income (loss) per share because their inclusion would have been anti-dilutive were as follows (in shares):

 

  

As of December 31,

 
  

2022

  

2021

 

Stock options

  1,192,094   244,348 

Warrants

  1,744,416   976,520 

Convertible preferred stock

  38,889   -