Note 4 - Earnings Per Share

12 Months Ended

Sep. 30, 2025

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 is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units were to vest, resulting in the issuance of common stock that would then share in the earnings of the Company.

The following table presents the Company’s basic and diluted EPS for the years ended September 30, 2025, 2024 and 2023, dollars in thousands, except per share data:

	Year ended September 30,
	2025		2024		2023
Net income	$	46,444		33,935		23,243
Weighted average number of shares of common stock outstanding		22,936,194		22,774,825		22,725,088
Effect of dilutive securities		319,080		309,078		109,228
Weighted average number of shares of common stock outstanding including the effect of dilutive securities		23,255,274		23,083,903		22,834,316
Basic earnings per share	$	2.02		1.49		1.02
Diluted earnings per share	$	2.00		1.47		1.02

There were 32,096, 27,944 and 62,752 non-vested restricted stock units for the years ended September 30, 2025, 2024 and 2023, respectively, excluded from the calculation of diluted EPS as they are antidilutive.