Earnings per Share Data

9 Months Ended

Jun. 30, 2015

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, 2015 and 2014:


	Quarter Ended June 30,				Nine Months Ended June 30,
	2015		2014		2015		2014
Net Income	$	266,000	$	1,663,000	$	354,000	$	4,010,000

Common Shares:
Weighted average common shares outstanding		9,521,000		9,518,000		9,521,000		9,518,000
Effect of dilutive stock options		66,000		84,000		67,000		66,000

Diluted shares outstanding		9,587,000		9,602,000		9,588,000		9,584,000


Basic:
Net earnings per share	$	0.03	$	0.17	$	0.04	$	0.42

Diluted:
Net earnings per share	$	0.03	$	0.17	$	0.04	$	0.42

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, 2015 were 342,000 and 343,000, respectively, which equates to 66,000 and 67,000 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 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. 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. There were no anti-dilutive shares for the quarter and nine months ended June 30, 2015.