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Note 11 - Earnings Per Share
 9 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
11
– 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
nine
months ended
June 30, 2020
and
2019
are:
 
   
Three Months Ended
June 30,
    
Nine Months Ended
June 30,
  
   
2020
    
2019
    
2020
    
2019
  
Income (loss) from continuing operations
   $
23,350
     $
(58,195
 )   $
(16,355,423
 )   $
(2,472,665
 )
Discontinued operations, net of tax
    
−
      
(1,426,970
 )    
−
      
(1,267,344
 )
Net income (loss) attributable to common shareholders
   $
23,350
     $
(1,485,165
 )   $
(16,355,423
 )   $
(3,740,009
 )
                                 
Basic weighted average shares
    
11,079,580
      
10,361,292
      
10,955,235
      
10,361,292
  
Effect of dilutive securities:
                                
Stock options
    
137,108
      
‒
      
‒
      
‒
  
Diluted weighted average shares
    
11,216,688
      
10,361,292
      
10,955,235
      
10,361,292
  
                                 
Earnings (loss) per common share:
                                
Basic:
                                
Continuing operations
   $
0.00
     $
(0.00
 )   $
(1.49
 )   $
(0.24
 )
Discontinued operations
    
−
      
(0.14
 )    
−
      
(0.12
 )
Net income (loss)
   $
0.00
     $
(0.14
 )   $
(1.49
 )   $
(0.36
 )
Diluted:
                                
Continuing operations
   $
0.00
     $
(0.00
 )   $
(1.49
 )   $
(0.24
 )
Discontinued operations
    
−
      
(0.14
 )    
−
      
(0.12
 )
Net income (loss)
   $
0.00
     $
(0.14
 )   $
(1.49
 )   $
(0.36
 )
 
The table below includes information related to stock options that were outstanding at the end of each respective
three
and
nine
-month periods ended
June 30,
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 either due to the Company incurring a net loss for the periods presented or the exercise price exceeded the average market price per share of our common stock for the
three
and
nine
months ended
June 30, 2020
and
2019.
 
   
Three Months Ended
June 30,
    
Nine Months Ended
June 30,
  
   
2020
    
2019
    
2020
    
2019
  
Stock options excluded
    
150,000
      
770,000
      
480,000
      
770,000
  
Weighted average exercise price of stock options
   $
2.96
     $
1.73
     $
1.89
     $
1.73
  
Average market price of common stock
   $
2.41
     $
1.38
     $
2.48
     $
1.37