Note 8 - Earnings Per Common Share

6 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

8.

Earnings per Common Share

Earnings per common share information is computed on the weighted average number of shares outstanding during each period based on the provisions of FASB Codification ASC Topic 260, "Earnings per Share." The required reconciliations are as follows:

	Three Months Ended March 31,						Six Months Ended March 31,
	2015			2014			2015			2014
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$	(276,663	)	$	(297,655	)	$	(547,319	)	$	(617,942	)
Shares denominator		1,638,215			1,638,215			1,638,215			1,638,215
Per share amount	$	(.17	)	$	(.18	)	$	(.33	)	$	(.38	)
Effect of Dilutive Securities
Average shares outstanding		1,638,215			1,638,215			1,638,215			1,638,215
Stock options		-*			-*			-*			-*
		1,638,215			1,638,215			1,638,215			1,638,215
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$	(276,663	)	$	(297,655	)	$	(547,319	)	$	(617,942	)
Per share amount	$	(.17	)	$	(.18	)	$	(.33	)	$	(.38	)

* Net effect of stock options and warrants were antidilutive for the period.

Options and warrants to purchase 20,000 and 200,000 shares of common stock respectively during the second quarter and the first six months of fiscal 2015 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

In addition, conversion rights to purchase 252,367 shares of common stock during the second quarter and the first six months of fiscal 2015 at a price of $1.85 per share were not included in the computation of diluted earnings per share because the conversion rights of the Convertible Promissory Notes effect was antidilutive or the exercise price was greater than the average market price of the common share.

Options and warrants to purchase 29,000 and 200,000 shares of common stock respectively during the second quarter and the first six months of fiscal 2014 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

In addition, conversion rights to purchase 252,367 shares of common stock during the second quarter and the first six months of fiscal 2014 at a price of $1.85 per share were not included in the computation of diluted earnings per share because the conversion rights of the Convertible Promissory Notes effect was antidilutive or the exercise price was greater than the average market price of the common share.