Earnings Per Share

9 Months Ended

Jun. 30, 2026

Earnings Per Share

Earnings Per Share

6. Earnings Per Share


		Three Months Ended June 30,						Nine Months Ended June 30,
		2026			2025			2026			2025
Numerator:
Net income		$	4,489,323		$	2,443,814		$	11,982,478		$	8,516,348
Denominator:
Basic weighted average shares			17,883,090			17,601,814			17,792,981			17,554,824
Dilutive effect of share-based awards			387,242			233,934			419,057			154,971
Diluted weighted average shares			18,270,332			17,835,748			18,212,038			17,709,795

Net income per common share:
Basic		$	0.25		$	0.14		$	0.67		$	0.49
Diluted		$	0.25		$	0.14		$	0.66		$	0.48

Net income per share is calculated pursuant to ASC Topic 260, “Earnings per Share.” Basic EPS excludes potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period.

Diluted EPS is computed assuming the conversion, or exercise of all dilutive securities such as employee stock options, MSUs and RSUs.

The number of incremental shares from the assumed exercise of time vested stock options, MSOs, and RSUs is calculated by using the treasury stock method. The number of incremental shares from the assumed vesting of MSUs is calculated using the “if-converted” method.

As of June 30, 2026 and 2025, 66,762 and 67,000 weighted average outstanding MSUs were included in the three months ended June 30, 2026 and 2025 weighted-average diluted shares calculation, respectively, using the if converted method. As of June 30, 2026 and 2025, 32,886 and 44,421 weighted average outstanding MSUs were included in the nine months ended June 30, 2026 and 2025 weighted-average diluted shares calculation, respectively, using the if converted method.

As of June 30, 2026 and 2025, there were 412,085 and 361,613 options to purchase common stock outstanding, respectively, and 66,762 and 201,000 MSUs subject to vesting outstanding, respectively.

As of June 30, 2026 and 2025, there were 217,448 and 339,782 shares of restricted stock units subject to vesting outstanding, respectively.

The weighted average outstanding diluted shares calculation excludes time vested options and MSOs with an exercise price that exceeds the average market price of shares during the period. Additionally, the weighted-average diluted shares calculation excludes RSUs that are deemed anti-dilutive when applying the treasury stock method.

For the three months ended June 30, 2026 and 2025, respectively, 50,472 and 241,934 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.

For the nine months ended June 30, 2026 and 2025, respectively, 24,862 and 246,720 diluted weighted-average shares outstanding were excluded from the computation of diluted EPS because the effect would be anti-dilutive.