Earnings per share

3 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings per share

(5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options.

The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts):

	Three Months ended
	December 31,
	2019			2018
Weighted average common shares
outstanding during the period
- shares used for basic
earnings per common share		3,351			3,328
Common shares issuable under
share based payment plans
which are potentially dilutive		—			3
Common shares used for diluted
earnings per common share		3,351			3,331
Net income (loss)	$	(464	)		884
Earnings per common share:
-basic	$	(0.14	)		0.27
-diluted	$	(0.14	)		0.27

For the three months ended December 31, 2019, 251,845 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2018, 165,409 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.