Basic And Diluted Earnings (Loss) Per Common Share ("EPS")

6 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Basic And Diluted Earnings (Loss) Per Common Share ("EPS")

NOTE 4: Basic and Diluted Earnings (Loss) Per Common Share (“EPS”)

Basic and diluted earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares, during the period. 

For the three and six months ended March 31, 2022, 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 was 161,295 and 116,768, respectively, for the three and six months ended March 31, 2022, and 375,004 and 228,333, respectively, for the three and six months ended March 31, 2021.

The following table presents a reconciliation of the components of basic and diluted EPS.

	Three Months Ended March 31,						Six Months Ended March 31,
	2022			2021			2022		2021
Basic EPS
Numerator:
Basic net income (loss)	$	(4,020,455	)	$	(499,723	)	$	2,661,794	$	(1,096,443	)
Denominator:
Basic weighted average shares outstanding		34,292,455			22,608,374			33,683,685		22,581,601
Basic EPS	$	(0.12	)	$	(0.02	)	$	0.08	$	(0.05	)
Diluted EPS
Numerator:
Basic net income (loss)	$	(4,020,455	)	$	(499,723	)	$	2,661,794	$	(1,096,443	)
Diluted net income (loss)		(4,020,455	)		(499,723	)		2,661,794		(1,096,443	)
Denominator:
Basic weighted average shares outstanding		34,292,455			22,608,374			33,683,685		22,581,601
Effects of dilutive securities:
Unvested restricted stock		-			-			-		-
Diluted weighted average shares outstanding		34,292,455			22,608,374			33,683,685		22,581,601
Diluted EPS	$	(0.12	)	$	(0.02	)	$	0.08	$	(0.05	)