Note 2 - Net Income Per Share

9 Months Ended

Jun. 30, 2021

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, 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, 2021 and 2020:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Net income	$	6,098,113	$	2,994,568	$	12,901,336	$	4,243,623
Weighted average common shares		13,732,913		13,497,955		13,718,394		13,510,413
Dilutive potential common shares		79,597		-		44,503		36,711
Weighted average dilutive common shares outstanding		13,812,510		13,497,955		13,762,897		13,547,124
Net income per common share:
Basic	$	0.44	$	0.22	$	0.94	$	0.31
Diluted	$	0.44	$	0.22	$	0.94	$	0.31