Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Net Income Per Share

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Note 2 - Net Income Per Share
9 Months Ended
Jun. 30, 2020
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, 2020 and 2019:

 

   

Three Months Ended June 30,

   

Nine Months Ended June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Net income

  $ 2,994,568     $ 1,300,527     $ 4,243,623     $ 2,678,429  

Weighted average common shares

    13,497,955       13,446,289       13,510,413       13,422,885  

Dilutive potential common shares

    -       5,382       36,711       11,124  

Weighted average dilutive common shares outstanding

    13,497,955       13,451,671       13,547,124       13,434,009  

Net income per common share:

                               

Basic

  $ 0.22     $ 0.10     $ 0.31     $ 0.20  

Diluted

  $ 0.22     $ 0.10     $ 0.31     $ 0.20