Earnings per Share Data

9 Months Ended

Jun. 30, 2019

Note 5 – Earnings per Share Data

The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2019 and 2018:


	Quarter Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Net Income	$	2,444,000	$	2,682,000	$	10,217,000	$	8,791,000

Common Shares:
Weighted average common shares outstanding		14,541,000		14,492,000		14,541,000		14,477,000
Effect of dilutive stock options		164,000		232,000		163,000		247,000

Diluted shares outstanding		14,705,000		14,724,000		14,704,000		14,724,000

Basic:
Net earnings per share	$	0.17	$	0.19	$	0.70	$	0.61

Diluted:
Net earnings per share	$	0.17	$	0.18	$	0.69	$	0.60

Basic earnings per share are based on the weighted-average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents.

The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2019 were 317,000 and 317,000, respectively, which equates to 164,000 and 163,000 dilutive common stock equivalents, respectively. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2018 were 367,000 and 382,000, respectively, which equates to 232,000 and 247,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and nine months ended June 30, 2019 and June 30, 2018.