EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2018

EARNINGS PER SHARE

EARNINGS PER SHARE

5. EARNINGS PER SHARE

Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive options.

	For the three months ended December
	2018				2017
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		617,858		617,858		687,679		687,679
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		6,667		—		8,271
Weighted average number of shares outstanding		617,858		624,525		687,679		695,950
Net income available to common shareholders	$	1,245,321	$	1,245,321	$	1,480,091	$	1,480,091
Net earnings per share available to common shareholders	$	2.02	$	1.99	$	2.15	$	2.13

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