Earnings per Share Data

3 Months Ended

Dec. 31, 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 (loss) per share for the quarters ended December 31, 2014 and 2013:

	December 31, 2014			December 31, 2013
Net income (loss)	$	(1,096,000	)	$	446,000
Common Shares:
Weighted-average common shares outstanding		9,519,000			9,518,000
Effect of dilutive stock options		—			43,000
Weighted-average diluted shares outstanding		9,519,000			9,561,000
Basic:
Net income (loss) per share	$	(0.12	)	$	0.05
Diluted:
Net income (loss) per share	$	(0.12	)	$	0.05

Basic earnings per share is based on the weighted-average number of shares outstanding. Diluted earnings per share is 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 ended December 31, 2013 were 318,000, which equates to 43,000 dilutive common stock equivalents. For the quarter ended December 31, 2014, 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 344,000 for the quarter December 31, 2014, and 27,500 for the quarter ended December 31, 2013.