Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.2
Earnings Per Share
 9 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

Note 10: 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 shares of common stock outstanding and if dilutive, potential shares of common stock 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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,938

 

 

$

3,585

 

 

$

24,085

 

 

$

6,451

 

Less: preferred stock dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income applicable to common stock

 

$

9,938

 

 

$

3,585

 

 

$

24,085

 

 

$

6,451

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,566,064

 

 

 

1,646,836

 

 

 

1,563,025

 

 

 

1,735,416

 

Basic earnings per share

 

$

6.35

 

 

$

2.18

 

 

$

15.41

 

 

$

3.72

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

9,938

 

 

$

3,585

 

 

$

24,085

 

 

$

6,451

 

Add: preferred stock dividends

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income applicable for diluted earnings per share

 

$

9,938

 

 

$

3,585

 

 

$

24,085

 

 

$

6,451

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,566,064

 

 

 

1,646,836

 

 

 

1,563,025

 

 

 

1,735,416

 

Add: Options

 

 

105,000

 

 

 

—

 

 

 

105,000

 

 

 

—

 

Add: Series B Preferred Stock

 

 

1,578,950

 

 

 

1,071,220

 

 

 

1,578,950

 

 

 

1,071,220

 

Add: Series B Preferred Stock Warrants

 

 

—

 

 

 

590,147

 

 

 

—

 

 

 

590,147

 

Add: Series E Preferred Stock

 

 

47,840

 

 

 

47,840

 

 

 

47,840

 

 

 

47,840

 

Assumed weighted average common shares outstanding

 

 

3,297,854

 

 

 

3,356,043

 

 

 

3,294,815

 

 

 

3,444,623

 

Diluted earnings per share

 

$

3.01

 

 

$

1.07

 

 

$

7.31

 

 

$

1.87

 

 

There are nil and 119,168 options to purchase shares of common stock that are anti-dilutive that are not included in the nine months ended June 30, 2021 and 2020, diluted earnings per share computations, respectively.