Earnings Per Share

6 Months Ended

Mar. 31, 2022

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				Six Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Numerator:
Net income	$	7,178	$	2,567	$	14,982	$	4,381
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,778		12,544		12,763		12,521
Effect of dilutive securities:
Stock options and restricted stock	1,664		1,026		1,605		1,047
Denominator for diluted net income per share - weighted-average outstanding shares	14,442		13,570		14,368		13,568

Net income per share - basic	$	0.56	$	0.20	$	1.17	$	0.35
Net income per share - diluted	$	0.50	$	0.19	$	1.04	$	0.32