Net Income Per Share

6 Months Ended

Mar. 31, 2013

Net Income Per Share

Net Income Per Share

Note 9.   Net Income Per Share

The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

Basic and diluted net income per share were computed as follows:

	Three Months Ended March 31,						Six Months Ended March 31,
(in thousands, except share and per share data)	2012			2013			2012			2013
Numerator:
Net income	$	15,151		$	6,436		$	23,594		$	12,271
Less amount allocable to participating securities	(136		)	(51		)	(212		)	(97		)
Net income available for basic shareholders	15,015			6,385			23,382			12,174
Adjustment for dilutive potential common shares	1			—			1			—
Net income available for diluted common shares	$	15,016		$	6,385		$	23,383		$	12,174
Denominator:
Weighted average shares - Basic	12,140,635			12,233,308			12,117,994			12,211,769
Adjustment for dilutive potential common shares	74,762			41,083			79,582			43,788
Weighted average shares - Diluted	12,215,397			12,274,391			12,197,576			12,255,557
Basic net income per share	$	1.24		$	0.52		$	1.93		$	1.00
Diluted net income per share	$	1.23		$	0.52		$	1.92		$	0.99
Number of stock option shares excluded as their effect would be anti-dilutive	80,380			184,706			80,380			184,706

Anti-dilutive shares with respect to outstanding stock options have been properly excluded from the computation of diluted net income per share.