Note 12 - Earnings Per Share

6 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings Per Share

Basic earnings per common share for the three and six months ended March 31, 2022 and 2021 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares.

A reconciliation of basic and diluted earnings per share is presented below:

	Three Months Ended March 31,					Six Months Ended March 31,
	2022			2021		2022			2021
Net income (loss)	$	(24,494,429	)	$	4,767,478	$	(20,909,900	)	$	9,490,741
Weighted average common shares		8,486,518			8,217,822		8,434,689			8,192,533
Effect of dilutive securities:
Options to purchase common stock		—			12,828		—			13,621
Diluted average common shares		8,486,518			8,230,650		8,434,689			8,206,154
Earnings (loss) per share of common stock:
Basic	$	(2.89	)	$	0.58	$	(2.48	)	$	1.16
Diluted	$	(2.89	)	$	0.58	$	(2.48	)	$	1.16