INCOME (LOSS) PER SHARE

3 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

NOTE 6     INCOME (LOSS) PER SHARE

Basic income (loss) per share data for each period presented is computed using the weighted-average number of shares of common stock outstanding during each such period. Diluted income (loss) per share data is computed using the weighted-average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of (a) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method, (b) shares that would be issued upon the conversion of convertible preferred stock and (c) shares of non-vested restricted stock. Net income (loss) from continuing operations per basic and diluted share for the three months ended December 31, 2015 and 2014 is net of preferred stock cash dividends and accretion.

For the three months ended December 31, 2014, the Company did not have any effects of dilutive securities. For the three months ended December 31, 2015, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows:

	For the Three Months Ended
	December 31,
	2015		2014
Numerator:
Net income (loss) from continuing operations applicable to common equity
(numerator for basic and diluted earnings per share)	$	244,080	$	(1,975,485	)
Weighted average shares outstanding (denominator for basic earnings per share)		8,387,501		8,443,391
Effective of dilutive securities
Assumed exercise of stock options, treasury stock method		30,271		-
Assumed exercise of warrants, treasury stock method		-		-
Assumed vesting of restricted stock, treasury stock method		203,752		-
Dilutive potential common shares		234,023		-
Denominator for diluted earnings per share - weighted average shares and
assumed potential common shares		8,621,524		8,443,391
Basic earnings (loss) from continuing operations per share	$	0.03	$	(0.23	)
Diluted earnings (loss) from continuing operations per share	$	0.03	$	(0.23	)

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	As of December 31,
	2015	2014
Options	208,500	618,500
Warrants	723,846	723,846
Convertible preferred stock	-	692,919
Non-vested restricted stock	-	114,623
Total potentially dilutive shares	932,346	2,149,888