Earnings Per Share

3 Months Ended

Dec. 31, 2023

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, 2023 and 2022 as follows (in thousands except for per share amounts):


	2023		2022
Numerator:
Net income	$	2,151	$	1,547
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	14,032		13,306
Effect of dilutive securities:
Stock options and restricted stock	764		970
Denominator for diluted net income per share - weighted-average outstanding shares	14,796		14,276

Net income per share - basic	$	0.15	$	0.12
Net income per share - diluted	$	0.15	$	0.11