Earnings per Share Data

3 Months Ended

Dec. 31, 2021

Note 5 – Earnings per Share Data

The following table sets forth the computation of basic and diluted income (loss) per share for the quarters ended December 31, 2021 and 2020:


	Quarter Ended December 31,
	2021			2020
Net Income (loss)	$	(274,000	)	$	1,551,000

Common Shares:
Weighted average common shares outstanding		14,617,000			14,606,000
Effect of dilutive stock options		—			123,000

Diluted shares outstanding		14,617,000			14,729,000

Basic:
Net income (loss) per share	$	(0.02	)	$	0.11

Diluted:
Net income (loss) per share	$	(0.02	)	$	0.11

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. As of September 30, 2021, no options were available for granting of awards under the 2009 Incentive Compensation Plan (the “2009 Plan”) and as of November 1, 2021, there were no outstanding stock options under the 2009 Plan.

For the quarter ended December 31, 2021, there were no common stock equivalents included in the diluted earnings per share calculation. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2020 were 252,000, which equated to 123,000 dilutive common stock equivalents. There were no anti-dilutive shares for the quarters ended December 31, 2021 and December 31, 2020.