8. EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE

     Basic income 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 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: (i) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method; and (ii) shares of non-vested restricted stock.

     For the fiscal years ended September 30, 2017 and 2016, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows: 

		For the Fiscal Years Ended
		September 30,
		2017		2016
Numerator:
Net income	$	579,346	$	606,562
Denominator:
Weighted average shares outstanding - basic		8,727,322		8,521,188
Effects of dilutive securities:
Assumed exercise of stock options, treasury stock method		21,179		28,289
Assumed vesting of restricted stock, treasury stock method		74,558		126,106
Weighted average dilutive potential common shares		95,737		154,395
Weighted average shares outstanding - diluted		8,823,059		8,675,583
Basic earnings per share	$	0.07	$	0.07
Diluted earnings per share	$	0.07	$	0.07

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

	For the Fiscal Years Ended
	September 30,
	2017	2016
Options	188,500	188,500
Warrants	723,846	723,846
Total potentially dilutive shares	912,346	912,346