Earnings Per Share

6 Months Ended

Mar. 31, 2021

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, except for per share amounts)
	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Numerator:
Net income	$	2,567	$	2,076	$	4,381	$	3,628
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,544		12,299		12,521		12,193
Effect of dilutive securities:
Stock options and restricted stock	1,026		704		1,047		693
Denominator for diluted net income per share - weighted-average outstanding shares	13,570		13,003		13,568		12,886

Net income per share - basic	$	0.20	$	0.17	$	0.35	$	0.30
Net income per share - diluted	$	0.19	$	0.16	$	0.32	$	0.28