Earnings per share

3 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per share

(5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options.

The following details the computations of the basic and diluted Earnings per Common Share (dollars and shares in thousands, except per share amounts):

	Three Months ended
	December 31,
	2021		2020
Weighted average common shares outstanding during the period - shares used for basic earnings per common share		3,419		3,377
Common shares issuable under share based payment plans which are potentially dilutive		282		—
Common shares used for diluted earnings per common share		3,701		3,377
Net income (loss)	$	6,439		(222	)
Earnings per common share:
-basic	$	1.88		(0.07	)
-diluted	$	1.74		(0.07	)

For the three months ended December 31, 2021, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2020, 617,502 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.