Earnings Per Common Share

3 Months Ended

Dec. 31, 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, 100,731 and 2,517,556 common share equivalents were assumed to be outstanding for the three months ended December 31, 2011 and 2010, respectively. In addition, as of December 31, 2011, common stock options of 815,624 shares with exercise prices above current quarterly average market price per share have been excluded from the calculation of earnings per share since their effect is anti-dilutive. 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 December 31, 2011. The computation of the weighted shares outstanding for the three months ended December 31 is as follows:

	December 31, 2011		December 31, 2010
Weighted average shares outstanding
Basic		15,583,103		12,979,939
Effect of dilutive securities
Stock Options		100,731		663,870
Convertible Preferred Stock		-0-		1,853,686
Dilutive Average Shares Outstanding		15,683,834		15,497,495