Earnings Per Share

3 Months Ended

Dec. 31, 2020

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding and restricted stock grants that vested or are likely to vest during the period. Diluted earnings per share is calculated by dividing income available to common shareholders by the weighted average number of basic common shares outstanding, adjusted to reflect potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method.


	(in thousands)
	Three Months Ended
	December 31,
	2020		2019
Numerator:
Net income	$	1,814	$	1,551
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,498		12,088
Effect of dilutive securities:
Stock options and restricted stock	947		926
Denominator for diluted net income per share - weighted-average outstanding shares	13,445		13,014

Net income per share - basic	$	0.15	$	0.13
Net income per share - diluted	$	0.13	$	0.12