Earnings per Share Data

9 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings per Share Data

Note 5 – Earnings per Share Data

The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2014 and 2013:

	Quarter Ended June 30,				Nine Months Ended June 30,
	2014		2013		2014		2013
Net Income	$	1,663,000	$	2,489,000	$	4,010,000	$	4,490,000
Common Shares:
Weighted average common shares outstanding		9,518,000		9,518,000		9,518,000		9,518,000
Effect of dilutive stock options		84,000		—		66,000		—
Diluted shares outstanding		9,602,000		9,518,000		9,584,000		9,518,000
Basic:
Net earnings per share	$	0.17	$	0.26	$	0.42	$	0.47
Diluted:
Net earnings per share	$	0.17	$	0.26	$	0.42	$	0.47

Basic earnings per share are based on the weighted average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2014 were 346,000 and 335,000, respectively, which equates to 84,000 and 66,000 dilutive common stock equivalents, respectively. For the quarter and nine months ended June 30, 2013, there were no common stock equivalents included in the diluted earnings per share calculations, as to do so would have been anti-dilutive. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation because they were anti-dilutive, were zero and 11,000, respectively, for the quarter and nine months ended June 30, 2014, and 346,000 for the quarter and nine months ended June 30, 2013.