EARNINGS PER SHARE (Tables)

3 Months Ended

Dec. 31, 2016

EARNINGS PER SHARE

Schedule of net earnings per share available to common shareholders

	For the three months ended December
	2016				2015
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		681,668		681,668		625,356		625,356
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		7,008		—		108,128
Weighted average number of shares outstanding		681,668		688,676		625,356		733,484
Net income	$	1,046,464	$	1,046,464	$	1,355,622	$	1,355,622
Deduct: convertible preferred stock dividends (2)		—		—		(49,177)		—
Net income available to common shareholders	$	1,046,464	$	1,046,464	$	1,306,445	$	1,355,622
Net earnings per share available to common shareholders	$	1.54	$	1.52	$	2.09	$	1.85

(1) Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock units deemed to be dilutive.

(2) Diluted earnings per share calculation excludes dividends for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.