Note 10 - Earnings per Common Share

12 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

10. EARNINGS PER COMMON SHARE

 

The following table sets forth the computation of basic and diluted earnings per share.

	2015			2014		2013
Basic Income (Loss) Per Share
Income (Loss) available to common stockholders	$	(122,377	)	$	8,376	$	138,805
Shares denominator		1,638,215			1,638,215		1,610,571
Per share amount	$	(.07	)	$	.01	$	.09
Effect of Dilutive Securities
Average shares outstanding		1,638,215			1,638,215		1,610,571
Options available under convertible note		-			31,097		23,505
		1,638,215			1,669,312		1,634,076
Diluted Income (Loss) Per Share
Income (Loss) available to common stockholders	$	(122,377	)	$	8,376	$	138,805
Per share amount	$	(.07	)	$	.01	$	.08

Options and warrants to purchase 6,000 and 200,000 shares of common stock respectively during fiscal 2015 at prices ranging from $2.50 to $6.00 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.

Options and warrants to purchase 22,000 and 200,000 shares of common stock respectively during 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 fiscal 2013 options and warrants to purchase 31,000 and 200,000 shares of common stock respectively 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.