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

9 Months Ended

Jun. 30, 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 earnings (loss) per share of Common Stock 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, during the period. Diluted earnings (loss) per share of Common Stock 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 and any other potentially dilutive shares of Common Stock, during the period. Participating securities had no effect on basic and diluted EPS at June 30, 2022.   

For the three and nine months ended June 30, 2022, the Company excluded restricted stock in the diluted EPS calculation that would have been antidilutive. The average shares outstanding of restricted stock excluded from the diluted EPS was 720,254 and 445,943, respectively, for the three and nine months ended June 30, 2022, and 584,547 and 377,808, respectively, for the three and nine months ended June 30, 2021.

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

	Three Months Ended June 30,					Nine Months Ended June 30,
	2022		2021			2022		2021
Basic EPS
Numerator:
Basic net income (loss)	$	8,589,010	$	(1,356,594	)	$	11,250,804	$	(2,453,037	)
Denominator:
Common Shares		34,438,807		28,117,199			33,792,632		24,308,185
Unissued, directors' deferred compensation shares		213,348		192,059			216,473		174,454
Basic weighted average shares outstanding		34,652,155		28,309,258			34,009,105		24,482,639
Basic EPS	$	0.25	$	(0.05	)	$	0.33	$	(0.10	)
Diluted EPS
Numerator:
Basic net income (loss)	$	8,589,010	$	(1,356,594	)	$	11,250,804	$	(2,453,037	)
Diluted net income (loss)		8,589,010		(1,356,594	)		11,250,804		(2,453,037	)
Denominator:
Basic weighted average shares outstanding		34,652,155		28,309,258			34,009,105		24,482,639
Effects of dilutive securities:
Unvested restricted stock		199,059		-			-		-
Diluted weighted average shares outstanding		34,851,214		28,309,258			34,009,105		24,482,639
Diluted EPS	$	0.25	$	(0.05	)	$	0.33	$	(0.10	)