Earnings Per Common Share

9 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 – Earnings Per Common Share

Basic earnings per common share is computed by dividing the net income applicable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period.  Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.

For purposes of computing diluted earnings per share, 353,780 and 2,372,266 common share equivalents were assumed to be outstanding for the nine months ended June 30, 2011 and 2010, respectively.  The Series C Preferred Stock was converted to common stock on December 21, 2010 thus is not part of the calculations for the three months ended June 30, 2011.  The computation of the weighted shares outstanding for the three months ended June 30 is as follows:

Weighted average shares outstanding	June 30, 2011		June 30, 2010
Basic		15,394,811		12,610,116
Effect of dilutive securities
Stock Options		353,780		269,866
Convertible Preferred Stock		-0-		2,102,400
Dilutive Average Shares Outstanding		15,748,591		14,982,382