Earnings Per Share

3 Months Ended

Dec. 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.

Earnings per share information is presented in the table below for the three months ended December 31, 2022 and 2021 as follows (in thousands except for per share amounts):





	2022		2021
Numerator:
Net income	$	1,547	$	7,804
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	13,306		12,749
Effect of dilutive securities:
Stock options and restricted stock	970		1,546
Denominator for diluted net income per share - weighted-average outstanding shares	14,276		14,295

Net income per share - basic	$	0.12	$	0.61
Net income per share - diluted	$	0.11	$	0.55