Earnings (Loss) Per Share ("EPS")

12 Months Ended

Sep. 30, 2022

7. EARNINGS (LOSS) PER SHARE (“EPS”)

Basic and diluted earnings (loss) per common share is calculated using net income (loss) divided by the weighted average number of shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares of 219,286, 183,334 and 154,142, respectively, during the 2022, 2021, and 2020 periods.

For the years ended September 30, 2021 and 2020, the Company did not include restricted stock in the diluted EPS calculation because the effect would have been antidilutive. The average shares outstanding of restricted stock excluded from the diluted EPS calculation was 141,690 and 80,809 for the years ended September 30, 2021 and 2020, respectively.

The following table sets forth the computation of earnings (loss) per share.


	Year Ended September 30,
	2022		2021			2020
Basic EPS
Numerator:
Basic net income (loss)	$	20,409,272	$	(6,217,237	)	$	(23,952,037	)
Denominator:
Common Shares		34,184,212		25,742,202			16,856,792
Unissued, directors' deferred compensation shares		219,286		183,334			154,142
Basic weighted average shares outstanding		34,403,498		25,925,536			17,010,934
Basic EPS	$	0.59	$	(0.24	)	$	(1.41	)

Diluted EPS
Numerator:
Basic net income (loss)	$	20,409,272	$	(6,217,237	)	$	(23,952,037	)
Diluted net income (loss)		20,409,272		(6,217,237	)		(23,952,037	)
Denominator:
Basic weighted average shares outstanding		34,403,498		25,925,536			17,010,934
Effects of dilutive securities:
Unvested restricted stock		156,812		-			-
Diluted weighted average shares outstanding		34,560,310		25,925,536			17,010,934
Diluted EPS	$	0.59	$	(0.24	)	$	(1.41	)