Note 2 - Net Income Per Share

9 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

Note

2.

Net Income Per Share

Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the

three

and

nine

months ended

June 30, 2018

and

2017:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2018		2017		2018		2017
Net income	$	1,755,232	$	803,316	$	2,393,014	$	2,587,767
Weighted average common shares		13,430,503		13,522,755		13,441,619		13,559,704
Dilutive potential common shares		-		75,827		31,504		171,241
Weighted average dilutive common shares outstanding		13,430,503		13,598,582		13,473,123		13,730,945
Net income per common share:
Basic	$	0.13	$	0.06	$	0.18	$	0.19
Diluted	$	0.13	$	0.06	$	0.18	$	0.19

There were

72,000

shares for the

three

and

nine

months ended

June 30, 2018

that were excluded from the above calculation as they were antidilutive in nature.

No

shares were considered antidilutive for the

three

and

nine

months ended

June 30, 2017.