Earnings (Loss) Per Share ("EPS")

12 Months Ended

Sep. 30, 2021

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 183,334, 154,142 and 168,586, respectively, during the 2021, 2020 and 2019 periods.

For the years ended September 30, 2021, 2020 and 2019, 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, 80,809 and 29,708 for the years ended September 30, 2021, 2020 and 2019, respectively.

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

	Year Ended September 30,
	2021			2020			2019
Basic EPS
Numerator:
Basic net income (loss)	$	(6,217,237	)	$	(23,952,037	)	$	(40,744,938	)
Denominator:
Basic weighted average shares outstanding		25,925,536			17,010,934			16,743,746
Basic EPS	$	(0.24	)	$	(1.41	)	$	(2.43	)

Diluted EPS
Numerator:
Basic net income (loss)	$	(6,217,237	)	$	(23,952,037	)	$	(40,744,938	)
Diluted net income (loss)		(6,217,237	)		(23,952,037	)		(40,744,938	)
Denominator:
Basic weighted average shares outstanding		25,925,536			17,010,934			16,743,746
Effects of dilutive securities:
Unvested restricted stock		-			-			-
Diluted weighted average shares outstanding		25,925,536			17,010,934			16,743,746
Diluted EPS	$	(0.24	)	$	(1.41	)	$	(2.43	)