Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Sep. 30, 2023

Note 15: Earnings Per Share

Net income per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net income per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares 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 income per share:


	Years Ended September 30,
	2023		2022
Basic
Net (loss) income	$	(102)	$	24,741
Less: preferred stock dividends	—		—
Net (loss) income applicable to common stock	$	(102)	$	24,741
Weighted average common shares outstanding	3,133,554		3,116,214
Basic (loss) income per share	$	(0.03)	$	7.94
Diluted
Net (loss) income applicable to common stock	$	(102)	$	24,741
Add: preferred stock dividends	—		—
Net (loss) income applicable for diluted earnings per share	$	(102)	$	24,741
Weighted average common shares outstanding	3,133,554		3,116,214
Add: Options	19,240		39,082
Add: Series B Preferred Stock	—		—
Add: Series E Preferred Stock	239		239
Assumed weighted average common shares outstanding	3,153,033		3,155,535
Diluted (loss) income per share	$	(0.03)	$	7.84

There are 22,500 and 21,000 options to purchase shares of common stock that are anti-dilutive, and are not included in the years ended September 30, 2023 and 2022, diluted earnings per share computations, respectively.