Earnings Per Share

9 Months Ended

Jun. 30, 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				Nine Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income	$	2,880	$	2,124	$	7,261	$	5,752
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,545		12,354		12,529		12,246
Effect of dilutive securities:
Stock options and restricted stock	1,110		874		1,165		804
Denominator for diluted net income per share - weighted-average outstanding shares	13,655		13,228		13,694		13,050

Net income per share - basic	$	0.23	$	0.17	$	0.58	$	0.47
Net income per share - diluted	$	0.21	$	0.16	$	0.54	$	0.44