Loss per Share

Basic loss per share (EPS) is computed based on the weighted average number of common shares outstanding for the period. Diluted EPS reflects the maximum dilution that would have resulted from incremental common shares issuable upon the exercise of stock options and under deferred compensation agreements.

The following tables provide the components of the basic and diluted EPS computations for the three month and nine month periods ended June 30, 2012 and 2011:



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Basic EPS Computation
Net loss	$	(497,020	)	$	(9,513,812	)	$	(1,059,491	)	$	(10,681,088	)
Weighted average shares outstanding	4,477,651			4,491,998			4,481,737			4,484,676
Basic loss per share	$	(.11	)	$	(2.12	)	$	(.24	)	$	(2.38	)



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Diluted EPS Computation
Net loss	$	(497,020	)	$	(9,513,812	)	$	(1,059,491	)	$	(10,681,088	)

Weighted average shares outstanding	4,477,651			4,491,998			4,481,737			4,484,676
Stock options	—			—			—			—
Stock compensation arrangements	—			—			—			—
Diluted shares outstanding	4,477,651			4,491,998			4,481,737			4,484,676

Diluted loss per share	$	(.11	)	$	(2.12	)	$	(.24	)	$	(2.38	)

For the three months ended June 30, 2012 and 2011, 10,131 and 43,610 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. For the nine months ended June 30, 2012 and 2011, 11,451 and 49,272 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive.