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 periods ended December 31, 2014 and 2013:



	Three Months Ended
	December 31,
	2014			2013
Basic EPS Computation
Net loss	$	(2,181,435	)	$	(1,527,527	)
Weighted average shares outstanding	9,100,100			4,503,885
Basic loss per share	$	(.24	)	$	(.34	)



	Three Months Ended
	December 31,
	2014			2013
Diluted EPS Computation
Net loss	$	(2,181,435	)	$	(1,527,527	)

Weighted average shares outstanding	9,100,100			4,503,885
Stock options	—			—
Stock compensation arrangements	—			—
Diluted shares outstanding	9,100,100			4,503,885

Diluted loss per share	$	(.24	)	$	(.34	)

For the three months ended December 31, 2014 and 2013, all outstanding stock options and shares issuable under stock compensation arrangements totaling 686,858 and 445,820 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. The actual effect of these stock options and shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the market price of the Company's stock.