INCOME (LOSS) PER SHARE

9 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

NOTE 6          INCOME (LOSS) PER SHARE

     Basic income (loss) per share data for each period presented is computed using the weighted-average number of shares of common stock outstanding during each such period. Diluted income (loss) per share data is computed using the weighted-average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of: (a) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method; and (b) shares of nonvested restricted stock. Net income (loss) from continuing operations per basic and diluted share for the three and nine months ended June 30, 2015 is net of preferred stock cash dividends and accretion. The Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows:

	For the Three Months Ended				For the Nine Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Numerator:
Net income (loss) from continuing operations	$	77,956	$	495,110	$	466,339	$	(1,893,342)
Preferred stock dividends and accretion		-		-		-		(475,580)
Net income (loss) from continuing operations applicable to common equity
(numerator for basic and diluted earnings per share)	$	77,956	$	495,110	$	466,339	$	(2,368,922)
Weighted average shares outstanding (denominator for basic earnings per share)	8,586,879			8,364,247		8,492,222		8,329,950
Effects of dilutive securities:
Assumed exercise of stock options, treasury stock method		22,988		-		28,403		-
Assumed vesting of restricted stock, treasury stock method		69,752		9,089		140,917		-
Dilutive potential common shares		92,740		9,089		169,320		-
Denominator for diluted earnings per share - weighted average shares and
assumed potential common shares	8,679,619			8,373,336		8,661,542		8,329,950
Basic earnings (loss) from continuing operations per share	$	0.01	$	0.06	$	0.05	$	(0.28)
Diluted earnings (loss) from continuing operations per share	$	0.01	$	0.06	$	0.05	$	(0.28)

     The following securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:

	For the Three Months Ended June 30,		For the Nine Months Ended June 30,
	2016	2015	2016	2015
Options	188,500	278,500	188,500	278,500
Warrants	723,846	723,846	723,846	723,846
Non-vested restricted stock	-	176,666	-	228,332
Total potentially dilutive shares	912,346	1,179,012	912,346	1,230,678