Information regarding the calculation of basic and diluted net income per common share for the three and six months ended March 31, 2016 and 2015 is as follows (dollars in thousands, except per share amounts):



	Three Months Ended March 31,				Six Months Ended March 31,
	2016		2015		2016		2015
Basic net income per common share computation
Numerator – net income	$	2,380	$	1,451	$	4,908	$	3,178

Denominator – weighted average common shares outstanding	6,846,527		6,898,192		6,858,190		6,895,038

Basic net income per common share	$	0.35	$	0.21	$	0.72	$	0.46

Diluted net income per common share computation
Numerator – net income	$	2,380	$	1,451	$	4,908	$	3,178

Denominator – weighted average shares outstanding	6,846,527		6,898,192		6,858,190		6,895,038
Effect of dilutive stock options (1)	62,028		36,730		57,482		36,775
Effect of dilutive stock warrant (2)	171,450		136,870		166,273		135,808
Weighted average common shares and common stock equivalents	7,080,005		7,071,792		7,081,945		7,067,621

Diluted net income per common share	$	0.34	$	0.21	$	0.69	$	0.45

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(1) For the three and six months ended March 31, 2016, average options to purchase 14,000 and 84,383 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For both the three and six months ended March 31, 2015, average options to purchase 122,000 shares of common stock were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive.

(2) Represents a warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018 (the "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors.