Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
 6 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

Note 12:

  Earnings Per Share

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential shares of common stock consist of the additional shares of common stock issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net earnings per share:

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,881

 

 

$

473

 

 

$

2,866

 

 

$

2,004

 

Less: preferred stock dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income applicable to common stock

 

$

1,881

 

 

$

473

 

 

$

2,866

 

 

$

2,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,752,908

 

 

 

1,925,972

 

 

 

1,779,706

 

 

 

1,935,610

 

Basic earnings per share

 

$

1.07

 

 

$

0.25

 

 

$

1.61

 

 

$

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

1,881

 

 

$

473

 

 

$

2,866

 

 

$

2,004

 

Add: preferred stock dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income applicable for diluted earnings per share

 

$

1,881

 

 

$

473

 

 

$

2,866

 

 

$

2,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,752,908

 

 

 

1,925,972

 

 

 

1,779,706

 

 

 

1,935,610

 

Add: Options

 

 

—

 

 

 

2,255

 

 

 

—

 

 

 

6,916

 

Add: Series B Preferred Stock

 

 

1,071,220

 

 

 

1,071,220

 

 

 

1,071,220

 

 

 

1,071,220

 

Add: Series B Preferred Stock Warrants

 

 

590,147

 

 

 

590,147

 

 

 

590,147

 

 

 

590,147

 

Add: Series E Preferred Stock

 

 

47,840

 

 

 

77,840

 

 

 

47,840

 

 

 

77,840

 

Assumed weighted average common shares outstanding

 

 

3,462,115

 

 

 

3,667,434

 

 

 

3,488,913

 

 

 

3,681,733

 

Diluted earnings per share

 

$

0.54

 

 

$

0.13

 

 

$

0.82

 

 

$

0.53

 

 

There are 200,418 and 200,418 common stock options that are anti-dilutive that are not included in the three and six months ended March 31, 2020, diluted earnings per share computations, respectively.