Earnings Per Share

6 Months Ended

Mar. 31, 2025

Earnings Per Share

Earnings Per Share

5. Earnings Per Share

	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Numerator:
Net income	$	5,336,342	$	1,208,316	$	6,072,534	$	2,265,666
Denominator:
Basic weighted average shares		17,548,844		17,456,120		17,531,328		17,453,741
Dilutive effect of share-based awards		95,150		31,407		82,358		27,476
Diluted weighted average shares		17,643,994		17,487,527		17,613,686		17,481,217
Net income per common share:
Basic	$	0.30	$	0.07	$	0.35	$	0.13
Diluted	$	0.30	$	0.07	$	0.34	$	0.13

Net income per share is calculated pursuant to ASC Topic 260, “Earnings per Share”. Basic EPS excludes potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed assuming the conversion, or exercise of all dilutive securities such as employee stock options MSUs and RSUs.

The number of incremental shares from the assumed exercise of time vested stock options , MSOs, and RSUs is calculated by using the treasury stock method. The number of incremental shares from assumed vestings of MSUs is calculated using the ‘if-converted method.’ As of March 31, 2025 no outstanding MSUs were included in the three and six months ended March 31, 2025 weighted-average diluted shares calculation using the if converted method. As of March 31, 2025 and 2024, there were 433,655 and 297,014 options to purchase common stock outstanding, respectively, and 201,000 and 0 MSUs subject to vesting outstanding, respectively.

As of March 31, 2025 and 2024, there were 194,914 and 173,555 shares of restricted stock units subject to vesting outstanding, respectively. The weighted average outstanding diluted shares calculation excludes time vested options and MSOs with an exercise price that exceeds the average market price of shares during the period. Additionally, the weighted-average diluted shares calculation excludes RSUs that are deemed anti-dilutive when applying the treasury stock method.

For the three months ended March 31, 2025 and 2024, respectively, 136,613 and 243,749 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.

For the six months ended March 31, 2025 and 2024, respectively, 249,113 and 228,579 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.