Earnings per Share Data

6 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per Share Data

Note 5 - Earnings per Share Data

The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2015 and 2014:

	Quarter Ended March 31,				Six Months Ended March 31,
	2015		2014		2015		2014
Net Income	$	1,184,000	$	1,901,000	$	89,000	$	2,347,000
Common Shares:
Weighted average common shares outstanding		9,519,000		9,518,000		9,519,000		9,518,000
Effect of dilutive stock options		65,000		73,000		69,000		58,000
Diluted shares outstanding		9,584,000		9,591,000		9,588,000		9,576,000
Basic:
Net earnings per share	$	0.12	$	0.20	$	0.01	$	0.25
Diluted:
Net earnings per share	$	0.12	$	0.20	$	0.01	$	0.25

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. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2015 were 344,000, which equates to 65,000 and 69,000 dilutive common stock equivalents, respectively. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2014 were 339,000 and 330,000, respectively, which equates to 73,000 and 58,000 dilutive common stock equivalents, respectively. 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 16,000 and 7,000, respectively, for the quarter and six months ended March 31, 2014. There were no anti-dilutive shares for the quarter and six months ended March 31, 2015.