Note 9 - Earnings Per Share

6 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

9

– 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 share 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

six

months ended

March 31, 2020

and

2019

are:

	Three Months Ended March 31,						Six Months Ended March 31,
	2020			2019			2020			2019
Loss from continuing operations	$	(14,661,081	)	$	(1,211,159	)	$	(16,378,773	)	$	(2,414,470	)
Discontinued operations, net of tax		−			(4,704	)		−			159,626
Net loss attributable to common shareholders	$	(14,661,081	)	$	(1,215,863	)	$	(16,378,773	)	$	(2,254,844	)
Basic weighted average shares		10,423,514			10,361,292			10,392,404			10,361,292
Effect of dilutive securities:
Stock options		‒			‒			‒			‒
Diluted weighted average shares		10,423,514			10,361,292			10,392,404			10,361,292
Earnings (loss) per common share:
Basic:
Continuing operations	$	(1.41	)	$	(0.12	)	$	(1.58	)	$	(0.24	)
Discontinued operations		−			(0.00	)		−			0.02
Net loss	$	(1.41	)	$	(0.12	)	$	(1.58	)	$	(0.22	)
Diluted:
Continuing operations	$	(1.41	)	$	(0.12	)	$	(1.58	)	$	(0.24	)
Discontinued operations		−			(0.00	)		−			0.02
Net loss	$	(1.41	)	$	(0.12	)	$	(1.58	)	$	(0.22	)

The table below includes information related to stock options that were outstanding at the end of each respective

three

and

six

-month periods ended

March 31,

but have been excluded from the computation of weighted-average stock options for dilutive securities because their effect would be anti-dilutive.  The stock options were anti-dilutive because the Company had a net loss for the periods presented.  Additionally, for certain stock options, the exercise price exceeded the average market price per share of our common stock for the

three

and

six

months ended

March 31, 2020

and

2019.

	Three Months Ended March 31,				Six Months Ended March 31,
	2020		2019		2020		2019
Stock options excluded		543,000		620,000		543,000		620,000
Weighted average exercise price of stock options	$	1.75	$	1.83	$	1.75	$	1.83
Average market price of common stock	$	2.79	$	1.40	$	2.52	$	1.37