Note 2 - Net Income Per Share

9 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 2. Net Income Per Share

Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive.

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three and nine months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Nine Months Ended June 30,
(In thousands, except for share data)	2022		2021		2022		2021
Net income	$	12,745	$	6,098	$	32,370	$	12,901
Weighted average common shares		13,772,269		13,732,913		13,760,950		13,718,394
Dilutive potential common shares		127,429		79,597		139,069		44,503
Weighted average dilutive common shares outstanding		13,899,698		13,812,510		13,900,019		13,762,897
Net income per common share:
Basic	$	0.93	$	0.44	$	2.35	$	0.94
Diluted	$	0.92	$	0.44	$	2.33	$	0.94