6. 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 equity awards.


	For the three months ended March
	2020				2019
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		565,697		565,697		611,824		611,824
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		6,155		—		8,945
Weighted average number of shares outstanding		565,697		571,852		611,824		620,769
Net income available to common shareholders	$	699,319	$	699,319	$	1,523,215	$	1,523,215

Net earnings per share available to common shareholders	$	1.24	$	1.22	$	2.49	$	2.45

(1)

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


	For the six months ended March
	2020				2019
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		564,129		564,129		614,874		614,874
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		5,727		—		8,974
Weighted average number of shares outstanding		564,129		569,856		614,874		623,848
Net income available to common shareholders	$	1,151,188	$	1,151,188	$	2,768,536	$	2,768,536

Net earnings per share available to common shareholders	$	2.04	$	2.02	$	4.50	$	4.44

(1)

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