AMCON Distributing (DIT) 10-Q 19 Jul 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2021	Jul. 16, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-15589
Entity Registrant Name	AMCON DISTRIBUTING CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0702918
Entity Address, Address Line One	7405 Irvington Road
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68122
City Area Code	402
Local Phone Number	331-3727
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DIT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		551,369
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Sep. 30, 2020
Current assets:
Cash	$ 699,895	$ 661,195
Accounts receivable, less allowance for doubtful accounts of $0.9 million at June 2021 and September 2020	36,526,770	34,278,429
Inventories, net	95,640,441	98,971,773
Prepaid and other current assets	5,769,066	2,091,645
Total current assets	138,636,172	136,003,042
Property and equipment, net	16,425,171	17,497,274
Operating lease right-of-use assets, net	17,148,745	18,936,126
Note receivable	3,500,000	3,500,000
Goodwill	4,436,950	4,436,950
Other intangible assets, net	500,000	500,000
Equity method investment	7,784,753	6,744,095
Other assets	349,139	383,786
Total assets	188,780,930	188,001,273
Current liabilities:
Accounts payable	24,788,839	22,108,299
Accrued expenses	11,169,530	8,306,160
Accrued wages, salaries and bonuses	3,839,072	4,761,020
Income taxes payable	495,860	567,408
Current operating lease liabilities	5,503,940	5,607,098
Current maturities of long-term debt	555,832	516,850
Total current liabilities	46,353,073	41,866,835
Credit facility	51,491,984	61,971,682
Deferred income tax liability, net	1,585,882	1,806,575
Long-term operating lease liabilities	12,000,823	14,028,606
Long-term debt, less current maturities	5,196,596	2,608,794
Other long-term liabilities	757,387	927,241
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 551,369 shares outstanding at June 2021 and 537,715 shares outstanding at September 2020	8,834	8,697
Additional paid-in capital	24,943,292	24,282,058
Retained earnings	77,310,346	71,362,334
Treasury stock at cost	(30,867,287)	(30,861,549)
Total shareholders' equity	71,395,185	64,791,540
Total liabilities and shareholders' equity	$ 188,780,930	$ 188,001,273

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 0.9	$ 0.9
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	551,369	537,715

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $104.9 million and $103.6 million, and $297.4 million and $285.1 million, respectively)	$ 438,313,030	$ 396,854,324	$ 1,221,571,294	$ 1,094,841,943
Cost of sales	412,771,324	375,202,044	1,149,594,823	1,031,651,499
Gross profit	25,541,706	21,652,280	71,976,471	63,190,444
Selling, general and administrative expenses	20,501,117	18,377,641	58,123,100	55,843,266
Depreciation	741,180	801,683	2,295,390	2,318,045
Total operating expenses	21,242,297	19,179,324	60,418,490	58,161,311
Operating income	4,299,409	2,472,956	11,557,981	5,029,133
Other expense (income):
Interest expense	329,929	461,581	1,016,902	1,321,267
Other (income), net	(43,437)	(42,525)	(169,525)	(79,222)
Total other expenses (income)	286,492	419,056	847,377	1,242,045
Income from operations before income taxes	4,012,917	2,053,900	10,710,604	3,787,088
Income tax expense	1,076,000	586,000	2,916,000	1,168,000
Equity method investment earnings, net of tax	754,293	111,666	1,403,124	111,666
Net income available to common shareholders	$ 3,691,210	$ 1,579,566	$ 9,197,728	$ 2,730,754
Basic earnings per share available to common shareholders	$ 6.69	$ 2.79	$ 16.71	$ 4.84
Diluted earnings per share available to common shareholders	$ 6.48	$ 2.77	$ 16.37	$ 4.79
Basic weighted average shares outstanding	551,369	565,483	550,276	564,578
Diluted weighted average shares outstanding	569,481	569,902	561,940	569,873
Dividends declared and paid per common share	$ 0.18	$ 0.18	$ 5.54	$ 0.82

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 104.9	$ 103.6	$ 297.4	$ 285.1

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Total
Balance at Sep. 30, 2019	$ 8,561	$ (28,831,855)	$ 23,165,639	$ 66,414,397	$ 60,756,742
Balance (in shares) at Sep. 30, 2019	856,039	(303,425)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(487,776)	(487,776)
Compensation expense and issuance of stock in connection with equity-based awards	$ 136		1,085,234		1,085,370
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	13,828
Repurchase of common stock		$ (100,524)			(100,524)
Repurchase of common stock (in shares)		(1,564)
Net income				2,730,754	2,730,754
Balance at Jun. 30, 2020	$ 8,697	$ (28,932,379)	24,250,873	68,657,375	63,984,566
Balance (in shares) at Jun. 30, 2020	869,867	(304,989)
Balance at Mar. 31, 2020	$ 8,692	$ (28,863,654)	24,224,145	67,184,900	62,554,083
Balance (in shares) at Mar. 31, 2020	869,367	(303,841)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(107,091)	(107,091)
Compensation expense and issuance of stock in connection with equity-based awards	$ 5		26,728		26,733
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	500
Repurchase of common stock		$ (68,725)			(68,725)
Repurchase of common stock (in shares)		(1,148)
Net income				1,579,566	1,579,566
Balance at Jun. 30, 2020	$ 8,697	$ (28,932,379)	24,250,873	68,657,375	63,984,566
Balance (in shares) at Jun. 30, 2020	869,867	(304,989)
Balance at Sep. 30, 2020	$ 8,697	$ (30,861,549)	24,282,058	71,362,334	$ 64,791,540
Balance (in shares) at Sep. 30, 2020	869,867	(332,152)			537,715
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,249,716)	$ (3,249,716)
Compensation expense and issuance of stock in connection with equity-based awards	$ 137		661,234		661,371
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	13,722
Repurchase of common stock		$ (5,738)			(5,738)
Repurchase of common stock (in shares)		(68)
Net income				9,197,728	9,197,728
Balance at Jun. 30, 2021	$ 8,834	$ (30,867,287)	24,943,292	77,310,346	$ 71,395,185
Balance (in shares) at Jun. 30, 2021	883,589	(332,220)			551,369
Balance at Mar. 31, 2021	$ 8,834	$ (30,867,287)	24,917,765	73,724,722	$ 67,784,034
Balance (in shares) at Mar. 31, 2021	883,589	(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(105,586)	(105,586)
Compensation expense and issuance of stock in connection with equity-based awards			25,527		25,527
Net income				3,691,210	3,691,210
Balance at Jun. 30, 2021	$ 8,834	$ (30,867,287)	$ 24,943,292	$ 77,310,346	$ 71,395,185
Balance (in shares) at Jun. 30, 2021	883,589	(332,220)			551,369

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 5.54	$ 0.82

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,197,728	$ 2,730,754
Adjustments to reconcile net income from operations to net cash flows from (used in) operating activities:
Depreciation	2,295,390	2,318,045
Equity method investment earnings, net of tax	(1,403,124)	(111,666)
(Gain) loss on sales of property and equipment	(8,057)	17,042
Equity-based compensation	1,819,272	765,704
Deferred income taxes	(220,693)	(2,862)
Provision for losses on doubtful accounts	86,000	349,000
Inventory allowance	238,148	182,218
Changes in assets and liabilities:
Accounts receivable	(2,334,341)	(9,309,422)
Inventories	3,093,184	20,152,080
Prepaid and other current assets	(3,677,421)	(373,414)
Equity method investment distributions	828,466
Other assets	34,647	(126,364)
Accounts payable	2,680,540	2,040,386
Accrued expenses and accrued wages, salaries and bonuses	804,983	(1,424,472)
Other long-term liabilities	(169,854)	125,744
Income taxes payable and receivable	(537,548)	794,027
Net cash flows from (used in) operating activities	12,727,320	18,126,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,254,958)	(2,901,134)
Proceeds from sales of property and equipment	39,728	16,600
Investment in equity method investee		(6,500,000)
Issuance of note receivable		(3,500,000)
Net cash flows from (used in) investing activities	(1,215,230)	(12,884,534)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	1,217,375,073	1,083,878,207
Repayments under revolving credit facility	(1,227,854,771)	(1,087,870,919)
Proceeds from borrowings on long-term debt	3,000,000
Principal payments on long-term debt	(373,216)	(397,936)
Proceeds from exercise of stock options		25,750
Repurchase of common stock	(5,738)	(100,524)
Dividends on common stock	(3,249,716)	(487,776)
Settlement and withholdings of equity-based awards	(365,022)	(30,208)
Net cash flows from (used in) financing activities	(11,473,390)	(4,983,406)
Net change in cash	38,700	258,860
Cash, beginning of period	661,195	337,704
Cash, end of period	699,895	596,564
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	1,031,457	1,387,381
Cash paid during the period for income taxes	3,667,036	376,835
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable		100,424
Issuance of common stock in connection with the vesting and exercise of equity-based awards	$ 949,812	$ 990,653

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION ​ AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 26 states and primarily operate in the Central, Rocky Mountain, and Mid-South regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates twenty health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 4,100 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 17,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2020, Convenience Store News ranked us as the seventh (7th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates six distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, and Tennessee. These distribution centers, combined with cross-dock facilities, include approximately 685,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kelloggs, Kraft, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates twenty retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 33,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. Chamberlin’s, which was established in 1935, has a total of six locations in and around Orlando, Florida. Akin’s, which was also established in 1935, has a total of six locations in Arkansas, Missouri, and Oklahoma. EOM has a total of eight locations in Florida. FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements (“financial statements”) contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements for the fiscal year ended September 30, 2020, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to “we”, “us”, “our”, the “Company”, and “AMCON” shall mean AMCON Distributing Company and its subsidiaries. Additionally, the three month fiscal periods ended June 30, 2021 and June 30, 2020 have been referred to throughout this quarterly report as Q3 2021 and Q3 2020, respectively. The fiscal balance sheet dates as of June 30, 2021 and September 30, 2020 have been referred to as June 2021 and September 2020, respectively. ​ ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The amendments in this update were effective upon issuance for all entities through December 31, 2022. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2021
INVENTORIES
INVENTORIES	​ 2. INVENTORIES ​ Inventories in our wholesale segment consisted of finished goods and are stated at the lower of cost or net realizable value, determined on a FIFO basis. Inventories in our retail segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company’s customers or sold at retail. Finished goods included total reserves of approximately $1.0 million at June 2021 and $0.7 million at September 2020. These reserves include the Company’s obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow moving and discontinued products.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill at June 2021 and September 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2021 ​ 2020 Wholesale Segment ​ $ 4,436,950 ​ $ 4,436,950 ​ ​ Other intangible assets at June 2021 and September 2020 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2021 2020 Trademarks and tradenames (Retail Segment) ​ $ 500,000 ​ $ 500,000 ​ Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled $4.4 million at both June 2021 and September 2020. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2020.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	9 Months Ended
	Jun. 30, 2021
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT	4. EQUITY METHOD INVESTMENT ​ In April 2020, the Company completed a transaction with Chas. M. Sledd Company (“Sledd”), a West Virginia wholesale distributor serving the convenience store industry, to jointly own and operate a limited liability company (“Team Sledd”) formed for the purpose of owning and operating Sledd’s wholesale distribution business. Sledd contributed substantially all of its assets and stated liabilities to Team Sledd, while the Company contributed $10.0 million in cash, of which $6.5 million was structured as equity and $3.5 million was structured as a secured loan to Team Sledd which is subordinate to the liens of Team Sledd's existing secured lenders. ​ At June 2021, AMCON owned approximately 49% of Team Sledd’s outstanding equity, with a carrying value of $7.8 million. For the three and nine months ended June 2021, the Company recognized $0.8 million and $1.4 million, respectively, in equity in earnings (net of income taxes) from its investment in Team Sledd. For the three months ended June 2020, the Company recognized $0.1 million in equity in earnings (net of income taxes) from its investment in Team Sledd. The Company’s secured loan to Team Sledd had a carrying value of $3.5 million as of June 2021. Pursuant to an operating agreement between the Company and Sledd, certain membership interests in Team Sledd may be redeemed over a period of years, with such redemptions being funded from the operations of Team Sledd. Any such redemptions would result in a corresponding increase in the percentage of the outstanding equity of Team Sledd owned by AMCON. ​ Team Sledd’s summarized unaudited financial data for the three and nine months ended June 2021 and the three months ended June 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2021 For the nine months ended June 2021 For the three months ended June 2020 Sales ​ $ 179,676,748 ​ $ 502,704,216 ​ $ 171,805,323 Gross profit ​ ​ 9,711,966 ​ ​ 25,279,274 ​ ​ 6,874,963 Net income before income taxes ​ ​ 2,034,258 ​ ​ 3,979,078 ​ ​ 335,093 Net income attributable to AMCON, net of tax ​ ​ 754,293 ​ ​ 1,403,124 ​ ​ 111,666 ​

DIVIDENDS

DIVIDENDS	9 Months Ended
	Jun. 30, 2021
DIVIDENDS
DIVIDENDS	5. DIVIDENDS ​ The Company paid cash dividends on its common stock totaling $0.1 million and $3.2 million for the three and nine month periods ended June 30, 2021, respectively, and $0.1 million and $0.5 million for the three and nine month periods ended June 30, 2020, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	6. EARNINGS PER SHARE ​ Basic earnings per share available to common shareholders is calculated by dividing net income by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 551,369 ​ ​ 551,369 ​ ​ 565,483 ​ ​ 565,483 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 18,112 ​ ​ — ​ ​ 4,419 Weighted average number of shares outstanding ​ ​ 551,369 ​ ​ 569,481 ​ ​ 565,483 ​ ​ 569,902 Net income available to common shareholders ​ $ 3,691,210 ​ $ 3,691,210 ​ $ 1,579,566 ​ $ 1,579,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 6.69 ​ $ 6.48 ​ $ 2.79 ​ $ 2.77 (1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 550,276 ​ ​ 550,276 ​ ​ 564,578 ​ ​ 564,578 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 11,664 ​ ​ — ​ ​ 5,295 Weighted average number of shares outstanding ​ ​ 550,276 ​ ​ 561,940 ​ ​ 564,578 ​ ​ 569,873 Net income available to common shareholders ​ $ 9,197,728 ​ $ 9,197,728 ​ $ 2,730,754 ​ $ 2,730,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 16.71 ​ $ 16.37 ​ $ 4.84 ​ $ 4.79 (1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.

DEBT

DEBT	9 Months Ended
	Jun. 30, 2021
DEBT
DEBT	7. DEBT ​ The Company primarily finances its operations through a credit facility agreement (the “Facility”) and long-term debt agreements with banks. The Facility is provided through Bank of America acting as the senior agent and with BMO Harris Bank (“BMO”) participating in a loan syndication. ​ CREDIT FACILITY ​ The Facility included the following significant terms at June 2021: ​ ● A March 2025 maturity date without a penalty for prepayment. ​ ● $110.0 million revolving credit limit. ​ ● Loan accordion allowing the Company to increase the size of the credit facility agreement by $25.0 million. ​ ● A provision providing an additional $10.0 million of credit advances for certain inventory purchases. ​ ● Evergreen renewal clause automatically renewing the agreement for one year unless either the borrower or lender provides written notice terminating the agreement at least 90 days prior to the end of any original or renewal term of the agreement. ​ ● The Facility bears interest at either the bank’s prime rate , or at LIBOR (or equivalent successor rate index) plus 125 - 150 basis points depending on certain credit facility utilization measures, at the election of the Company. For this purpose, in no event shall LIBOR be less than 50 basis points. ​ ● Lending limits subject to accounts receivable and inventory limitations. ​ ● An unused commitment fee equal to one-quarter of one percent ( 1 / 4 %) per annum on the difference between the maximum loan limit and average monthly borrowings. ​ ● Secured by collateral including all of the Company’s equipment, intangibles, inventories, and accounts receivable. ​ ● A financial covenant requiring a fixed charge coverage ratio of at least 1.0 as measured by the previous twelve month period then ended only if excess availability falls below 10% of the maximum loan limit as defined in the credit agreement. The Company’s fixed charge coverage ratio was over 1.0 for the trailing twelve months . ​ ● Provides that the Company may use up to $3.5 million annually, on a collective basis, for the payment of dividends on its common stock, or other distributions or investments, provided the Company is not in default before or after such dividends, distributions or investments. Additionally, the Company may pay dividends on its common stock, or make other distributions or investments in excess of $3.5 million annually provided the Company meets certain excess availability and proforma fixed charge coverage ratios and is not in default before or after such dividends, distributions or investments. ​ The amount available for use from the Facility at any given time is subject to a number of factors including eligible accounts receivable and inventory balances that fluctuate day-to-day. Based on our collateral and loan limits as defined in the Facility agreement, the credit limit of the Facility at June 2021 was $109.5 million, of which $51.5 million was outstanding, leaving $58.0 million available. ​ At June 2021, the revolving portion of the Company’s Facility balance bore interest based on the bank’s prime rate and various short-term LIBOR rate elections made by the Company. The average interest rate was 1.96% at June 2021. For the nine months ended June 2021, our peak borrowings under the Facility were $71.7 million, and our average borrowings and average availability under the Facility were $44.8 million and $44.0 million, respectively. ​ LONG-TERM DEBT ​ In addition to the Facility, the Company also had the following long term obligations at June 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 2021 September 2020 Real Estate Loan, interest payable at a fixed rate of 3.625% with monthly installments of principal and interest of $47,399 through February 2025 with remaining principal due March 2025, collateralized by three distribution facilities ​ $ 4,599,036 ​ $ 1,866,231 Note payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 ​ 1,153,392 ​ 1,259,413 ​ ​ 5,752,428 ​ 3,125,644 Less current maturities ​ (555,832) ​ (516,850) ​ ​ $ 5,196,596 ​ $ 2,608,794 ​ Cross Default and Co-Terminus Provisions ​ The Company owns real estate in Bismarck, ND, Quincy, IL, and Rapid City, SD, which is financed through a single term loan with BMO (the “Real Estate Loan”) which is also a participant lender on the Company’s revolving line of credit. The Real Estate Loan contains cross default provisions which would cause the loan to be considered in default if the loans where BMO is a lender, including the revolving credit facility, were in default. There were no such cross defaults at June 2021. In addition, the Real Estate Loan contains co-terminus provisions which require all loans with BMO to be paid in full if any of the loans are paid in full prior to the end of their specified terms. ​ Other ​ The Company has issued a letter of credit for $0.5 million to its workers’ compensation insurance carrier as part of its self-insured loss control program.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Jun. 30, 2021
BUSINESS SEGMENTS
BUSINESS SEGMENTS	8. BUSINESS SEGMENTS ​ The Company has two reportable business segments: the wholesale distribution of consumer products and the retail sale of health and natural food products. The retail health food stores’ operations are aggregated to comprise the Retail Segment because such operations have similar economic characteristics, as well as similar characteristics with respect to the nature of products sold, the type and class of customers for the health food products and the methods used to sell the products. Included in the “Other” column are intercompany eliminations, equity method investment earnings, net of tax and assets held and charges incurred and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) before taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 294,690,427 ​ $ — ​ $ — ​ $ 294,690,427 Tobacco ​ ​ 68,525,147 ​ ​ — ​ ​ — ​ ​ 68,525,147 Confectionery ​ ​ 25,703,325 ​ ​ — ​ ​ — ​ ​ 25,703,325 Health food ​ ​ — ​ ​ 11,745,769 ​ ​ — ​ ​ 11,745,769 Foodservice & other ​ ​ 37,648,362 ​ ​ — ​ ​ — ​ ​ 37,648,362 Total external revenue ​ ​ 426,567,261 ​ ​ 11,745,769 ​ ​ — ​ ​ 438,313,030 Depreciation ​ ​ 445,831 ​ ​ 295,349 ​ ​ — ​ ​ 741,180 Operating income (loss) ​ ​ 6,349,783 ​ ​ 621,421 ​ ​ (2,671,795) ​ ​ 4,299,409 Interest expense ​ ​ 56,924 ​ ​ — ​ ​ 273,005 ​ ​ 329,929 Income (loss) from operations before taxes ​ ​ 6,304,328 ​ ​ 624,447 ​ ​ (2,915,858) ​ ​ 4,012,917 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 754,293 ​ ​ 754,293 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 384,429 ​ ​ 133,732 ​ ​ — ​ ​ 518,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 276,348,474 ​ $ — ​ $ — ​ $ 276,348,474 Tobacco ​ ​ 59,487,110 ​ ​ — ​ ​ — ​ ​ 59,487,110 Confectionery ​ ​ 20,614,034 ​ ​ — ​ ​ — ​ ​ 20,614,034 Health food ​ ​ — ​ ​ 11,538,319 ​ ​ — ​ ​ 11,538,319 Foodservice & other ​ ​ 28,866,387 ​ ​ — ​ ​ — ​ ​ 28,866,387 Total external revenue ​ ​ 385,316,005 ​ ​ 11,538,319 ​ ​ — ​ ​ 396,854,324 Depreciation ​ ​ 452,025 ​ ​ 349,658 ​ ​ — ​ ​ 801,683 Operating income (loss) ​ ​ 4,350,347 ​ ​ (159,706) ​ ​ (1,717,685) ​ ​ 2,472,956 Interest expense ​ ​ 31,623 ​ ​ — ​ ​ 429,958 ​ ​ 461,581 Income (loss) from operations before taxes ​ ​ 4,329,679 ​ ​ (157,273) ​ ​ (2,118,506) ​ ​ 2,053,900 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 111,666 ​ ​ 111,666 Total assets ​ ​ 146,782,772 ​ ​ 19,584,013 ​ ​ 10,551,204 ​ ​ 176,917,989 Capital expenditures ​ ​ 575,462 ​ ​ 174,374 ​ ​ — ​ ​ 749,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 826,838,177 ​ $ — ​ $ — ​ $ 826,838,177 Tobacco ​ ​ 194,802,459 ​ ​ — ​ ​ — ​ ​ 194,802,459 Confectionery ​ ​ 65,769,418 ​ ​ — ​ ​ — ​ ​ 65,769,418 Health food ​ ​ — ​ ​ 35,199,199 ​ ​ — ​ ​ 35,199,199 Foodservice & other ​ ​ 98,962,041 ​ ​ — ​ ​ — ​ ​ 98,962,041 Total external revenue ​ ​ 1,186,372,095 ​ ​ 35,199,199 ​ ​ — ​ ​ 1,221,571,294 Depreciation ​ ​ 1,405,528 ​ ​ 889,862 ​ ​ — ​ ​ 2,295,390 Operating income (loss) ​ ​ 16,569,154 ​ ​ 1,167,737 ​ ​ (6,178,910) ​ ​ 11,557,981 Interest expense ​ ​ 144,569 ​ ​ — ​ ​ 872,333 ​ ​ 1,016,902 Income (loss) from operations before taxes ​ ​ 16,499,529 ​ ​ 1,176,481 ​ ​ (6,965,406) ​ ​ 10,710,604 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,403,124 ​ ​ 1,403,124 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 977,860 ​ ​ 277,098 ​ ​ — ​ ​ 1,254,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 750,264,131 ​ $ — ​ $ — ​ $ 750,264,131 Tobacco ​ ​ 165,443,803 ​ ​ — ​ ​ — ​ ​ 165,443,803 Confectionery ​ ​ 59,477,946 ​ ​ — ​ ​ — ​ ​ 59,477,946 Health food ​ ​ — ​ ​ 34,629,465 ​ ​ — ​ ​ 34,629,465 Foodservice & other ​ ​ 85,026,598 ​ ​ — ​ ​ — ​ ​ 85,026,598 Total external revenue ​ ​ 1,060,212,478 ​ ​ 34,629,465 ​ ​ — ​ ​ 1,094,841,943 Depreciation ​ ​ 1,327,431 ​ ​ 990,614 ​ ​ — ​ ​ 2,318,045 Operating income (loss) ​ ​ 10,907,179 ​ ​ (1,216,491) ​ ​ (4,661,555) ​ ​ 5,029,133 Interest expense ​ ​ 98,187 ​ ​ — ​ ​ 1,223,080 ​ ​ 1,321,267 Income (loss) from operations before taxes ​ ​ 10,852,250 ​ ​ (1,209,665) ​ ​ (5,855,497) ​ ​ 3,787,088 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 111,666 ​ ​ 111,666 Total assets ​ ​ 146,782,772 ​ ​ 19,584,013 ​ ​ 10,551,204 ​ ​ 176,917,989 Capital expenditures ​ ​ 1,808,162 ​ ​ 1,124,143 ​ ​ — ​ ​ 2,932,305 ​

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES	9 Months Ended
	Jun. 30, 2021
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES	9. COMMON STOCK REPURCHASES ​ The Company did not repurchase any shares of its common stock during the three months ended June 2021 and repurchased a total of 1,148 shares of its common stock during the three months ended June 2020 for cash totaling approximately $0.1 million. The Company repurchased 68 shares of its common stock during the nine months ended June 2021 for cash totaling less than $0.1 million and 1,564 shares of its common stock during the nine months ended June 2020 for cash totaling approximately $0.1 million. All repurchased shares were recorded in treasury stock at cost. ​

IMPACT OF COVID-19

IMPACT OF COVID-19	9 Months Ended
	Jun. 30, 2021
IMPACT OF COVID-19
IMPACT OF COVID-19	10. IMPACT OF COVID-19 ​ The Company continues to monitor a wide range of health, safety, and regulatory matters related to the COVID-19 pandemic including its impact on our business operations. In particular, ongoing supply chain disruptions at consumer packaged goods (CPG) companies have impacted product availability across all markets including the convenience distribution industry in which our company operates. Additionally, the United States is experiencing an acute workforce shortage which has created a hyper-competitive wage environment and has increased the Company’s operating costs and impacted its operations. Accordingly, ongoing and/or future disruptions to consumer demand, our supply chain, product inflation, the ability to attract employees, wage structures, or our ability to procure products or fulfill orders, could negatively impact our results from operations and financial position.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 26 states and primarily operate in the Central, Rocky Mountain, and Mid-South regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates twenty health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 4,100 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 17,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2020, Convenience Store News ranked us as the seventh (7th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates six distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, and Tennessee. These distribution centers, combined with cross-dock facilities, include approximately 685,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kelloggs, Kraft, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates twenty retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 33,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. Chamberlin’s, which was established in 1935, has a total of six locations in and around Orlando, Florida. Akin’s, which was also established in 1935, has a total of six locations in Arkansas, Missouri, and Oklahoma. EOM has a total of eight locations in Florida.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements (“financial statements”) contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements for the fiscal year ended September 30, 2020, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to “we”, “us”, “our”, the “Company”, and “AMCON” shall mean AMCON Distributing Company and its subsidiaries. Additionally, the three month fiscal periods ended June 30, 2021 and June 30, 2020 have been referred to throughout this quarterly report as Q3 2021 and Q3 2020, respectively. The fiscal balance sheet dates as of June 30, 2021 and September 30, 2020 have been referred to as June 2021 and September 2020, respectively.
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The amendments in this update were effective upon issuance for all entities through December 31, 2022. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2021 ​ 2020 Wholesale Segment ​ $ 4,436,950 ​ $ 4,436,950
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2021 2020 Trademarks and tradenames (Retail Segment) ​ $ 500,000 ​ $ 500,000

EQUITY METHOD INVESTMENT (Table

EQUITY METHOD INVESTMENT (Tables)	9 Months Ended
	Jun. 30, 2021
EQUITY METHOD INVESTMENT
Summarized financial data of equity investee	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2021 For the nine months ended June 2021 For the three months ended June 2020 Sales ​ $ 179,676,748 ​ $ 502,704,216 ​ $ 171,805,323 Gross profit ​ ​ 9,711,966 ​ ​ 25,279,274 ​ ​ 6,874,963 Net income before income taxes ​ ​ 2,034,258 ​ ​ 3,979,078 ​ ​ 335,093 Net income attributable to AMCON, net of tax ​ ​ 754,293 ​ ​ 1,403,124 ​ ​ 111,666

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 551,369 ​ ​ 551,369 ​ ​ 565,483 ​ ​ 565,483 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 18,112 ​ ​ — ​ ​ 4,419 Weighted average number of shares outstanding ​ ​ 551,369 ​ ​ 569,481 ​ ​ 565,483 ​ ​ 569,902 Net income available to common shareholders ​ $ 3,691,210 ​ $ 3,691,210 ​ $ 1,579,566 ​ $ 1,579,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 6.69 ​ $ 6.48 ​ $ 2.79 ​ $ 2.77 (1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 550,276 ​ ​ 550,276 ​ ​ 564,578 ​ ​ 564,578 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 11,664 ​ ​ — ​ ​ 5,295 Weighted average number of shares outstanding ​ ​ 550,276 ​ ​ 561,940 ​ ​ 564,578 ​ ​ 569,873 Net income available to common shareholders ​ $ 9,197,728 ​ $ 9,197,728 ​ $ 2,730,754 ​ $ 2,730,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 16.71 ​ $ 16.37 ​ $ 4.84 ​ $ 4.79 (1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2021
DEBT
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ June 2021 September 2020 Real Estate Loan, interest payable at a fixed rate of 3.625% with monthly installments of principal and interest of $47,399 through February 2025 with remaining principal due March 2025, collateralized by three distribution facilities ​ $ 4,599,036 ​ $ 1,866,231 Note payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 ​ 1,153,392 ​ 1,259,413 ​ ​ 5,752,428 ​ 3,125,644 Less current maturities ​ (555,832) ​ (516,850) ​ ​ $ 5,196,596 ​ $ 2,608,794

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Jun. 30, 2021
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 294,690,427 ​ $ — ​ $ — ​ $ 294,690,427 Tobacco ​ ​ 68,525,147 ​ ​ — ​ ​ — ​ ​ 68,525,147 Confectionery ​ ​ 25,703,325 ​ ​ — ​ ​ — ​ ​ 25,703,325 Health food ​ ​ — ​ ​ 11,745,769 ​ ​ — ​ ​ 11,745,769 Foodservice & other ​ ​ 37,648,362 ​ ​ — ​ ​ — ​ ​ 37,648,362 Total external revenue ​ ​ 426,567,261 ​ ​ 11,745,769 ​ ​ — ​ ​ 438,313,030 Depreciation ​ ​ 445,831 ​ ​ 295,349 ​ ​ — ​ ​ 741,180 Operating income (loss) ​ ​ 6,349,783 ​ ​ 621,421 ​ ​ (2,671,795) ​ ​ 4,299,409 Interest expense ​ ​ 56,924 ​ ​ — ​ ​ 273,005 ​ ​ 329,929 Income (loss) from operations before taxes ​ ​ 6,304,328 ​ ​ 624,447 ​ ​ (2,915,858) ​ ​ 4,012,917 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 754,293 ​ ​ 754,293 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 384,429 ​ ​ 133,732 ​ ​ — ​ ​ 518,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 276,348,474 ​ $ — ​ $ — ​ $ 276,348,474 Tobacco ​ ​ 59,487,110 ​ ​ — ​ ​ — ​ ​ 59,487,110 Confectionery ​ ​ 20,614,034 ​ ​ — ​ ​ — ​ ​ 20,614,034 Health food ​ ​ — ​ ​ 11,538,319 ​ ​ — ​ ​ 11,538,319 Foodservice & other ​ ​ 28,866,387 ​ ​ — ​ ​ — ​ ​ 28,866,387 Total external revenue ​ ​ 385,316,005 ​ ​ 11,538,319 ​ ​ — ​ ​ 396,854,324 Depreciation ​ ​ 452,025 ​ ​ 349,658 ​ ​ — ​ ​ 801,683 Operating income (loss) ​ ​ 4,350,347 ​ ​ (159,706) ​ ​ (1,717,685) ​ ​ 2,472,956 Interest expense ​ ​ 31,623 ​ ​ — ​ ​ 429,958 ​ ​ 461,581 Income (loss) from operations before taxes ​ ​ 4,329,679 ​ ​ (157,273) ​ ​ (2,118,506) ​ ​ 2,053,900 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 111,666 ​ ​ 111,666 Total assets ​ ​ 146,782,772 ​ ​ 19,584,013 ​ ​ 10,551,204 ​ ​ 176,917,989 Capital expenditures ​ ​ 575,462 ​ ​ 174,374 ​ ​ — ​ ​ 749,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 826,838,177 ​ $ — ​ $ — ​ $ 826,838,177 Tobacco ​ ​ 194,802,459 ​ ​ — ​ ​ — ​ ​ 194,802,459 Confectionery ​ ​ 65,769,418 ​ ​ — ​ ​ — ​ ​ 65,769,418 Health food ​ ​ — ​ ​ 35,199,199 ​ ​ — ​ ​ 35,199,199 Foodservice & other ​ ​ 98,962,041 ​ ​ — ​ ​ — ​ ​ 98,962,041 Total external revenue ​ ​ 1,186,372,095 ​ ​ 35,199,199 ​ ​ — ​ ​ 1,221,571,294 Depreciation ​ ​ 1,405,528 ​ ​ 889,862 ​ ​ — ​ ​ 2,295,390 Operating income (loss) ​ ​ 16,569,154 ​ ​ 1,167,737 ​ ​ (6,178,910) ​ ​ 11,557,981 Interest expense ​ ​ 144,569 ​ ​ — ​ ​ 872,333 ​ ​ 1,016,902 Income (loss) from operations before taxes ​ ​ 16,499,529 ​ ​ 1,176,481 ​ ​ (6,965,406) ​ ​ 10,710,604 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,403,124 ​ ​ 1,403,124 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 977,860 ​ ​ 277,098 ​ ​ — ​ ​ 1,254,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 750,264,131 ​ $ — ​ $ — ​ $ 750,264,131 Tobacco ​ ​ 165,443,803 ​ ​ — ​ ​ — ​ ​ 165,443,803 Confectionery ​ ​ 59,477,946 ​ ​ — ​ ​ — ​ ​ 59,477,946 Health food ​ ​ — ​ ​ 34,629,465 ​ ​ — ​ ​ 34,629,465 Foodservice & other ​ ​ 85,026,598 ​ ​ — ​ ​ — ​ ​ 85,026,598 Total external revenue ​ ​ 1,060,212,478 ​ ​ 34,629,465 ​ ​ — ​ ​ 1,094,841,943 Depreciation ​ ​ 1,327,431 ​ ​ 990,614 ​ ​ — ​ ​ 2,318,045 Operating income (loss) ​ ​ 10,907,179 ​ ​ (1,216,491) ​ ​ (4,661,555) ​ ​ 5,029,133 Interest expense ​ ​ 98,187 ​ ​ — ​ ​ 1,223,080 ​ ​ 1,321,267 Income (loss) from operations before taxes ​ ​ 10,852,250 ​ ​ (1,209,665) ​ ​ (5,855,497) ​ ​ 3,787,088 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 111,666 ​ ​ 111,666 Total assets ​ ​ 146,782,772 ​ ​ 19,584,013 ​ ​ 10,551,204 ​ ​ 176,917,989 Capital expenditures ​ ​ 1,808,162 ​ ​ 1,124,143 ​ ​ — ​ ​ 2,932,305

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details)	1 Months Ended	9 Months Ended
	Dec. 31, 2020item	Jun. 30, 2021ft²itemstatesegment
Number of business segments | segment		2
Wholesale Segment
Number of states served | state		26
Number of retail outlets served		4,100
Number of products sold or distributed		17,000
Rank assigned by Convenience Store News	7
Number of distribution centers		6
Floor space occupied by distribution centers (in square feet) | ft²		685,000
Retail Segment
Number of operating health food retail stores		20
Number of products sold or distributed		33,000
Retail Segment | Florida | Chamberlin's
Number of operating health food retail stores		6
Retail Segment | Florida | Earth Origins Markets
Number of operating health food retail stores		8
Retail Segment | Midwest | Akin's
Number of operating health food retail stores		6

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2020
INVENTORIES
Total reserves on finished goods	$ 1	$ 0.7

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Jun. 30, 2021	Sep. 30, 2020
Goodwill by reporting segment
Goodwill	$ 4,436,950	$ 4,436,950
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 4,436,950	$ 4,436,950

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Jun. 30, 2021	Sep. 30, 2020
Other intangible assets, net	$ 500,000	$ 500,000
Trademarks and tradenames | Retail Segment
Other intangible assets, net	$ 500,000	$ 500,000

EQUITY METHOD INVESTMENT (Detai

EQUITY METHOD INVESTMENT (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020
EQUITY METHOD INVESTMENT
Contribution structured as equity					$ 6,500,000
Contribution structured as a secured loan					3,500,000
Carrying value of investment		$ 7,784,753		$ 7,784,753		$ 6,744,095
Equity method investment earnings, net of tax		754,293	$ 111,666	1,403,124	111,666
Carrying value of secured loan		$ 3,500,000		$ 3,500,000		$ 3,500,000
Team Sledd
EQUITY METHOD INVESTMENT
Contribution in cash	$ 10,000,000
Contribution structured as equity	6,500,000
Contribution structured as a secured loan	$ 3,500,000
Ownership (as a percent)		49.00%		49.00%
Carrying value of investment		$ 7,800,000		$ 7,800,000
Equity method investment earnings, net of tax		800,000	$ 100,000	1,400,000	$ 100,000
Carrying value of secured loan		$ 3,500,000		$ 3,500,000

EQUITY METHOD INVESTMENT - Equi

EQUITY METHOD INVESTMENT - Equity investee's summarized financial data (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
EQUITY METHOD INVESTMENT
Total external revenue	$ 438,313,030	$ 396,854,324	$ 1,221,571,294	$ 1,094,841,943
Gross profit	25,541,706	21,652,280	71,976,471	63,190,444
Net income before income taxes	4,012,917	2,053,900	10,710,604	3,787,088
Net income attributable to AMCON, net of tax	754,293	111,666	1,403,124	$ 111,666
Team Sledd | Equity method investment
EQUITY METHOD INVESTMENT
Total external revenue	179,676,748	171,805,323	502,704,216
Gross profit	9,711,966	6,874,963	25,279,274
Net income before income taxes	2,034,258	335,093	3,979,078
Net income attributable to AMCON, net of tax	$ 754,293	$ 111,666	$ 1,403,124

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
DIVIDENDS
Cash dividend paid on common stock	$ 100,000	$ 100,000	$ 3,249,716	$ 487,776

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	551,369	565,483	550,276	564,578
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	18,112	4,419	11,664	5,295
Weighted average number of shares outstanding, Diluted	569,481	569,902	561,940	569,873
Net income available to common shareholders	$ 3,691,210	$ 1,579,566	$ 9,197,728	$ 2,730,754
Net income available to common shareholders, diluted	$ 3,691,210	$ 1,579,566	$ 9,197,728	$ 2,730,754
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 6.69	$ 2.79	$ 16.71	$ 4.84
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 6.48	$ 2.77	$ 16.37	$ 4.79

DEBT - Credit Facility (Details

DEBT - Credit Facility (Details) - Credit Facility $ in Millions	9 Months Ended
	Jun. 30, 2021USD ($)
Revolving credit facility
Revolving credit limit	$ 110
Increase in borrowing capacity available under loan accordion	25
Additional credit advances for certain inventory purchases	$ 10
Automatic renewal period of agreement unless terminated	1 year
Unused commitment fee (as a percent)	0.25%
Period considered for computing fixed charge coverage ratio	12 months
Threshold of excess availability of credit as a percentage of maximum loan limit, required for financial covenant compliance	10.00%
Restricted amount of dividends on common stock	$ 3.5
Current credit limit of the Facility	109.5
Outstanding borrowings under the Facility	51.5
Credit available under the Facility	$ 58
Average interest rate	1.96%
Peak borrowings under the Facility	$ 71.7
Average borrowings under the Facility	44.8
Average availability under the Facility	$ 44
LIBOR
Revolving credit facility
Variable rate basis	LIBOR
Minimum basis points added to reference rate (as a percent)	0.50%
Prime rate
Revolving credit facility
Variable rate basis	prime rate
Minimum
Revolving credit facility
Notice period prior to the end of any original or renewal term of the agreement required for terminating the agreement either by the borrower or lender	90 days
Fixed charge coverage ratio	1
Minimum | LIBOR
Revolving credit facility
Basis points added to reference rate (as a percent)	1.25%
Maximum | LIBOR
Revolving credit facility
Basis points added to reference rate (as a percent)	1.50%

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details)	9 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)item	Sep. 30, 2020USD ($)item
Long-term obligations
Long-term debt	$ 5,752,428	$ 3,125,644
Less current maturities	(555,832)	(516,850)
Long-term debt less current maturities	5,196,596	2,608,794
3.625% Real Estate Loan
Long-term obligations
Long-term debt	$ 4,599,036	$ 1,866,231
Fixed interest rate (as a percent)	3.625%	3.625%
Periodic installments of principal and interest	$ 47,399	$ 47,399
Number of owned distribution facilities which collateralize debt instrument | item	3	3
4.50% Note Payable
Long-term obligations
Long-term debt	$ 1,153,392	$ 1,259,413
Fixed interest rate (as a percent)	4.50%	4.50%
Periodic installments of principal and interest	$ 49,114	$ 49,114

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	9 Months Ended
	Jun. 30, 2021USD ($)item
Debt Instrument [Line Items]
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program | $	$ 0.5
3.625% Real Estate Loan
Debt Instrument [Line Items]
Number of cross defaults | item	0

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Information by business segments
Number of reportable business segments | segment			2
Total external revenue	$ 438,313,030	$ 396,854,324	$ 1,221,571,294	$ 1,094,841,943
Depreciation	741,180	801,683	2,295,390	2,318,045
Operating income (loss)	4,299,409	2,472,956	11,557,981	5,029,133
Interest expense	329,929	461,581	1,016,902	1,321,267
Income (loss) from operations before taxes	4,012,917	2,053,900	10,710,604	3,787,088
Equity method investment earnings, net of tax	754,293	111,666	1,403,124	111,666
Total assets	188,780,930	176,917,989	188,780,930	176,917,989	$ 188,001,273
Capital expenditures	518,161	749,836	1,254,958	2,932,305
Cigarettes
Information by business segments
Total external revenue	294,690,427	276,348,474	826,838,177	750,264,131
Tobacco
Information by business segments
Total external revenue	68,525,147	59,487,110	194,802,459	165,443,803
Confectionery
Information by business segments
Total external revenue	25,703,325	20,614,034	65,769,418	59,477,946
Health food
Information by business segments
Total external revenue	11,745,769	11,538,319	35,199,199	34,629,465
Foodservice & other
Information by business segments
Total external revenue	37,648,362	28,866,387	98,962,041	85,026,598
Other
Information by business segments
Operating income (loss)	(2,671,795)	(1,717,685)	(6,178,910)	(4,661,555)
Interest expense	273,005	429,958	872,333	1,223,080
Income (loss) from operations before taxes	(2,915,858)	(2,118,506)	(6,965,406)	(5,855,497)
Equity method investment earnings, net of tax	754,293	111,666	1,403,124	111,666
Total assets	11,874,597	10,551,204	11,874,597	10,551,204
Wholesale Segment
Information by business segments
Total external revenue	426,567,261	385,316,005	1,186,372,095	1,060,212,478
Depreciation	445,831	452,025	1,405,528	1,327,431
Operating income (loss)	6,349,783	4,350,347	16,569,154	10,907,179
Interest expense	56,924	31,623	144,569	98,187
Income (loss) from operations before taxes	6,304,328	4,329,679	16,499,529	10,852,250
Total assets	159,766,283	146,782,772	159,766,283	146,782,772
Capital expenditures	384,429	575,462	977,860	1,808,162
Wholesale Segment | Cigarettes
Information by business segments
Total external revenue	294,690,427	276,348,474	826,838,177	750,264,131
Wholesale Segment | Tobacco
Information by business segments
Total external revenue	68,525,147	59,487,110	194,802,459	165,443,803
Wholesale Segment | Confectionery
Information by business segments
Total external revenue	25,703,325	20,614,034	65,769,418	59,477,946
Wholesale Segment | Foodservice & other
Information by business segments
Total external revenue	37,648,362	28,866,387	98,962,041	85,026,598
Retail Segment
Information by business segments
Total external revenue	11,745,769	11,538,319	35,199,199	34,629,465
Depreciation	295,349	349,658	889,862	990,614
Operating income (loss)	621,421	(159,706)	1,167,737	(1,216,491)
Income (loss) from operations before taxes	624,447	(157,273)	1,176,481	(1,209,665)
Total assets	17,140,050	19,584,013	17,140,050	19,584,013
Capital expenditures	133,732	174,374	277,098	1,124,143
Retail Segment | Health food
Information by business segments
Total external revenue	$ 11,745,769	$ 11,538,319	$ 35,199,199	$ 34,629,465

COMMON STOCK REPURCHASES (Detai

COMMON STOCK REPURCHASES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Number of shares of common stock repurchased	1,148	68	1,564
Value of shares of common stock repurchased			$ 0.1
Maximum
Value of shares of common stock repurchased	$ 0.1	$ 0.1