Note 12 - Net Income Per Share

3 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

1

2

-Net Income per Share

Basic per share data is determined by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted per share data is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. The assumed proceeds from the exercise of dilutive options are calculated using the treasury stock method based on the average market price for the period.  

The following table presents the computation of basic and diluted per share data for the

three

months ended

December 31, 2019

and

2018:

	For the Three Months Ended December 31, 2019		For the Three Months Ended December 31, 2018
Net Income	$	1,045,000	$	1,275,000
Basic earnings per common share	$	0.16	$	0.19
Diluted earnings per common share	$	0.16	$	0.19
Weighted average number of common shares outstanding:
Basic		6,567,765		6,685,415
Dilutive effect of stock options		68,333		307
Diluted		6,636,098		6,685,722

At

December 31, 2019

there were

85,000

stock options outstanding that could have an effect on the future computation of dilution per common share, had their effect

not

been anti-dilutive.