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 and nine month periods ended June 30, 2015 and 2014:



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Basic EPS Computation
Net loss	$	(800,162	)	$	(1,370,468	)	$	(4,751,398	)	$	(4,843,383	)
Weighted average shares outstanding	9,154,797			4,508,162			9,135,987			4,505,644
Basic loss per share	$	(.09	)	$	(.30	)	$	(.52	)	$	(1.07	)



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Diluted EPS Computation
Net loss	$	(800,162	)	$	(1,370,468	)	$	(4,751,398	)	$	(4,843,383	)

Weighted average shares outstanding	9,154,797			4,508,162			9,135,987			4,505,644
Stock options	—			—			—			—
Stock compensation arrangements	—			—			—			—
Diluted shares outstanding	9,154,797			4,508,162			9,135,987			4,505,644

Diluted loss per share	$	(.09	)	$	(.30	)	$	(.52	)	$	(1.07	)

For the for the three and nine month periods ended June 30, 2015 and 2014, all outstanding stock options and shares issuable under stock compensation arrangements totaling 604,082 and 435,570 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.