Net Income Per Common Share (Tables)

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings per Share

Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2020 and 2019 is as follows (dollars in thousands, except per share amounts):

	Three Months Ended June 30,				Nine Months Ended June 30,
	2020		2019		2020		2019
Numerator – net income	$	6,211	$	5,956	$	17,912	$	17,685
Denominator – weighted average common shares outstanding	8,309,947		8,338,637		8,331,908		8,313,913
Basic net income per common share	$	0.75	$	0.71	$	2.15	$	2.13
Diluted net income per common share computation
Numerator – net income	$	6,211	$	5,956	$	17,912	$	17,685
Denominator – weighted average common shares outstanding	8,309,947		8,338,637		8,331,908		8,313,913
Effect of dilutive stock options (1)	69,036		143,723		105,122		154,299
Weighted average common shares outstanding - assuming dilution	8,378,983		8,482,360		8,437,030		8,468,212
Diluted net income per common share	$	0.74	$	0.70	$	2.12	$	2.09

____________________________________________

(1) For the three and nine months ended June 30, 2020, average options to purchase 135,212 and 126,052 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For the three and nine months ended June 30, 2019, average options to purchase 102,050 and 102,353 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive.