EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE D - EARNINGS PER SHARE

The following table presents a calculation of basic and diluted earnings per share for the three and nine months ended June 30, 2023 and 2022. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods.

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(Dollars in thousands, except share and per share data)
Income applicable to common shares	$	1,918	$	2,117	$	5,524	$	5,489
Weighted average shares outstanding - basic		6,412,536		6,799,800		6,426,978		6,797,691
Weighted average shares outstanding - diluted		6,412,536		6,799,800		6,426,978		6,797,691
Earnings per share - basic	$	0.30	$	0.31	$	0.86	$	0.81
Earnings per share - diluted	$	0.30	$	0.31	$	0.86	$	0.81

Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 155,400 shares of restricted shares at a weighted average price of $12.63 were outstanding at June 30, 2023 but were not included in the calculation of diluted EPS because they were anti-dilutive. There were no outstanding stock awards or options to purchase common stock at June 30, 2022.