Earnings (Loss) Per Common Share

9 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8 – 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 by the weighted average number of common shares. 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 the three and nine months ended June 30, 2013 and 2012, no common share equivalents related to stock options were included in the calculation of dilutive shares since there was a loss from continuing operations and the inclusion of common share equivalents would be anti-dilutive. If the Company had not been in a loss position as of June 30, 2013 and 2012, 439,668 and 358,334 shares of restricted stock, respectively, would have been considered in the denominator used to calculate diluted earnings per common share. In addition, as of June 30, 2013 and 2012, common stock options for 630,532 and 1,059,584 shares, respectively, with exercise prices above current quarterly average market price per share have been excluded from the calculation of dilutive earnings per share since their effect is also anti-dilutive.

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

	June 30, 2013		June 30, 2012
Weighted average shares outstanding
Basic		14,859,899		14,275,293
Effect of dilutive securities
Stock Options		-0-		-0-
Dilutive Average Shares Outstanding		14,859,899		14,275,293

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

	June 30, 2013		June 30, 2012
Weighted average shares outstanding
Basic		14,767,401		14,878,360
Effect of dilutive securities
Stock Options		-0-		-0-
Dilutive Average Shares Outstanding		14,767,401		14,878,360