Earnings Per Share

12 Months Ended

Sep. 30, 2022

Earnings Per Share

Earnings Per Share

Note 17. Earnings Per Share

The two-class method is used in the calculation of basic and diluted earnings per share (“EPS”). Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared and participation rights in undistributed earnings.

The Company’s basic and diluted EPS calculations are presented in the following table:

	Year Ended September 30,
(in thousands, except share and per share data)	2022		2021
Net income available to common stockholders	$	23,556	$	10,851
Less: Dividends paid and earnings allocated to participating securities		(903)		(218)
Income attributable to common stock	$	22,653	$	10,633
Weighted average common shares outstanding, including participating securities		6,302,328		4,669,009
Less: Weighted average participating securities		(237,259)		(93,799)
Weighted average common shares outstanding		6,065,069		4,575,210
Basic EPS	$	3.74	$	2.32
Income attributable to common stock	$	22,653	$	10,633
Weighted average common shares outstanding		6,065,069		4,575,210
Weighted average common equivalent shares outstanding		92,977		89,660
Weighted average common and equivalent shares outstanding		6,158,046		4,664,870
Diluted EPS	$	3.68	$	2.28

There were no stock options that were antidilutive at September 30, 2022 and 2021.