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, 2017 and 2016:



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Basic EPS Computation
Net loss	$	(1,397,439	)	$	(842,817	)	$	(4,602,549	)	$	(9,478,325	)
Weighted average shares outstanding	9,348,388			9,343,946			9,348,388			9,338,559
Basic loss per share	$	(.15	)	$	(.09	)	$	(.49	)	$	(1.01	)



	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Diluted EPS Computation
Net loss	$	(1,397,439	)	$	(842,817	)	$	(4,602,549	)	$	(9,478,325	)

Weighted average shares outstanding	9,348,388			9,343,946			9,348,388			9,338,559
Stock options	—			—			—			—
Stock compensation arrangements	—			—			—			—
Warrants	—			—			—			—
Diluted shares outstanding	9,348,388			9,343,946			9,348,388			9,338,559

Diluted loss per share	$	(.15	)	$	(.09	)	$	(.49	)	$	(1.01	)

For the for the three and nine month periods ended June 30, 2017 and 2016, all outstanding stock options, warrants and shares issuable under stock compensation arrangements totaling 2,048,590 and 643,533 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.