Note 4 - Earnings Per Share

6 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

4

. Earnings Per Share

Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings.

Presented below are basic and diluted EPS for the

three

and

six

months ended

March 31, 2020

and

2019,

dollars in thousands, except per share data:

	Three months ended March 31,				Six months ended March 31,
	2020		2019		2020		2019
Net income	$	9,718		3,860		11,586		6,057
Weighted average number of shares of common stock outstanding		22,493,341		22,413,055		22,482,285		22,399,665
Effect of dilutive securities		50,088		148,770		60,034		180,068
Weighted average number of shares of common stock outstanding including effect of dilutive securities		22,543,429		22,561,825		22,542,319		22,579,733
Basic earnings per share	$	0.43		0.17		0.52		0.27
Diluted earnings per share	$	0.43		0.17		0.51		0.27

There were

142,020

and

181,720

non-vested RSUs for the

three

and

six

months ended

March 31, 2020,

respectively, excluded from the calculation of diluted EPS as they are antidilutive. There were

72,599

and

27,574

non-vested RSUs for the

three

and

six

months ended

March 31, 2019,

respectively, excluded from the calculation of diluted EPS as they are antidilutive. 

The Company paid a dividend of

$0.07

per share of common stock in each of the

first

two

quarters of fiscal year

2020.

The Company did

not

declare any dividends during the

three

or

six

months ended

March 31, 2019.