Note 5 - Earnings per Share

9 Months Ended

Jun. 30, 2015

Note

– Earnings Per Share

Basic earnings per share are based on the sum of the average number of common shares outstanding and issuable restricted and deferred shares. Diluted earnings per share include any dilutive effect of stock options and restricted stock. In computing the diluted weighted average shares, the average stock price for the period is used in determining the number of shares assumed to be reacquired under the treasury stock method from the exercise of options.

Basic and diluted earnings per share for the three and nine months ended June 30, 2015 and 2014 are:

	Three Months Ended June 30,					Nine Months Ended June 30,
	2015		2014			2015		2014
Income from continuing operations	$	637,134	$	177,726		$	1,287,312	$	39,831
Discontinued operations, net of tax		−		(75,528	)		−		(666,046	)
Net income (loss) attributable to common shareholders	$	637,134	$	102,198		$	1,287,312	$	(626,215	)

Basic weighted average shares		10,073,121		10,041,206			10,055,390		10,014,839
Effect of dilutive securities:
Stock options		−		45,909			−		36,403
Diluted weighted average shares		10,073,121		10,087,115			10,055,390		10,051,242

Earnings (loss) per common share:
Basic
Continuing operations	$	0.06	$	0.02		$	0.13	$	−
Discontinued operations		−		(0.01	)		−		(0.07	)
Net income (loss)	$	0.06	$	0.01		$	0.13	$	(0.06	)
Diluted
Continuing operations	$	0.06	$	0.02		$	0.13	$	−
Discontinued operations		−		(0.01	)		−		(0.07	)
Net income (loss)	$	0.06	$	0.01		$	0.13	$	(0.06	)