Earnings per Share Data

3 Months Ended

Dec. 31, 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 ended December 31, 2020 and 2019:

	Quarter Ended December 31,
	2020		2019
Net Income	$	1,551,000	$	2,489,000
Common Shares:
Weighted average common shares outstanding		14,606,000		14,586,000
Effect of dilutive stock options		123,000		134,000
Diluted shares outstanding		14,729,000		14,720,000
Basic:
Net earnings per share	$	0.11	$	0.17
Diluted:
Net earnings per share	$	0.11	$	0.17

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 ended December 31, 2020 were 252,000, which equates to 123,000 dilutive 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 ended December 31, 2019 were 272,000, which equates to 134,000 dilutive common stock equivalents. There were no anti-dilutive shares for the quarters ended December 31, 2020 and December 31, 2019.