Earnings Per Share

9 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per common share for the three and nine months ended June 30, 2020 and 2019 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares. A reconciliation of basic and diluted earnings per share is presented below:

	Three Months Ended June 30,				Nine Months Ended June 30,
	2020		2019		2020		2019
Net Income	$	1,206,578	$	1,138,555	$	10,893,830	$	8,242,807
Weighted average common shares	8,143,887		8,051,944		8,115,836		8,029,222
Effect of dilutive securities:
Options to purchase common stock	15,437		36,326		23,178		41,830
Diluted average common shares	8,159,324		8,088,270		8,139,014		8,071,052
Earnings Per Share of Common Stock:
Basic	$	0.15	$	0.14	$	1.34	$	1.03
Diluted	$	0.15	$	0.14	$	1.34	$	1.02