Earnings (Loss) Per Common Share

3 Months Ended

Dec. 31, 2016

Note 8 – Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income or loss attributable to common shares by the weighted average number of common shares outstanding. 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 months ended December 31, 2016 and 2015, no common stock options were included in the calculation of dilutive shares as all of the 123,147 and 58,212 common stock options outstanding, respectively, had exercise prices above the applicable quarterly average market price per share and their inclusion would be anti-dilutive.

For the three months ended December 31, 2016, 90,000 shares of restricted common stock were excluded from the calculation of dilutive shares, as the effect of their inclusion would be anti-dilutive. For the three months ended December 31, 2015, 27,437 restricted common stock were included in the denominator used to calculate diluted earnings per share.

The computation of the weighted shares outstanding for the three months ended December 31 is as follows:

	December 31, 2016		December 31, 2015
Weighted average shares outstanding
Basic		16,808,729		16,551,197
Effect of dilutive securities
Stock Options		-		-
Restricted Stock		-		27,437
Dilutive Average Shares Outstanding		16,808,729		16,578,634