Earnings Per Common Share

9 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 – Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable 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 common share equivalents related to stock options were assumed to be outstanding for the three and nine months ended June 30, 2011. For the three and nine months ended June 30, 2012, the Company excluded no shares of potential common stock related to stock options from the calculation of dilutive shares since there was a loss from continuing operations and the inclusion of potential shares would be anti-dilutive. In addition, as of June 30, 2012 and 2011, common stock options for 1,059,584 and 1,104,406 shares, respectively, 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 computation of the weighted shares outstanding for the three months ended June 30 is as follows:

	Three Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,275,293		15,394,811
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,275,293		15,748,591

The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:

	Nine Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,878,360		14,448,875
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,878,360		14,802,655