Earnings (Loss) Per Common Share

9 Months Ended

Jun. 30, 2015

Note 7 – 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 purposes of computing diluted earnings per share for the three and nine months ended June 30, 2015 and 2014, no common stock options were included in the calculation of dilutive shares as all of the 58,212 and 630,532 common stock options outstanding, respectively, had exercise prices above the current quarterly average market price per share and their inclusion would be anti-dilutive. Additionally, for the nine months ended June 30, 2015, no common share equivalents related to stock options or unvested restricted stock 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.

The computation of the weighted shares outstanding for the three months ended June 30, 2015 and 2014 is as follows:

	June 30, 2015		June 30, 2014
Weighted average shares outstanding
Basic		16,439,637		15,280,607
Effect of dilutive securities
Stock Options		-		-
Restricted Stock		7,451		18,815
Dilutive Average Shares Outstanding		16,447,088		15,299,422

The computation of the weighted shares outstanding for the nine months ended June 30, 2015 and 2014 is as follows:

	June 30, 2015		June 30, 2014
Weighted average shares outstanding
Basic		16,368,313		15,134,377
Effect of dilutive securities
Stock Options		-		-
Restricted Stock		-		11,262
Dilutive Average Shares Outstanding		16,368,313		15,145,639