Earnings per Share Data

9 Months Ended

Jun. 30, 2020

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, 2020 and 2019:

	Quarter Ended June 30,				Nine Months Ended June 30,
	2020		2019		2020		2019
Net Income	$	4,322,000	$	2,444,000	$	6,156,000	$	10,217,000
Common Shares:
Weighted average common shares outstanding		14,601,000		14,541,000		14,592,000		14,541,000
Effect of dilutive stock options		118,000		164,000		125,000		163,000
Diluted shares outstanding		14,719,000		14,705,000		14,717,000		14,704,000
Basic:
Net earnings per share	$	0.30	$	0.17	$	0.42	$	0.70
Diluted:
Net earnings per share	$	0.29	$	0.17	$	0.42	$	0.69

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.

The 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, 2020 were 250,000 and 257,000, respectively, which equates to 118,000 and 125,000 dilutive common stock equivalents, respectively. There were 7,000 weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation for the quarter ended June 30, 2020 because they were anti-dilutive. The 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, 2019 were 317,000 and 317,000, respectively, which equates to 164,000 and 163,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarter ended June 30, 2019, and for the nine months ended June 30, 2020 and June 30, 2019.