Net Income Per Common Share

Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2018, 2017 and 2016 is as follows (dollars in thousands, except per share amounts):



	2018		2017		2016
Basic net income per common share computation
Numerator - net income to common shareholders	$	16,721	$	14,167	$	10,154

Denominator - weighted average common shares outstanding	7,334,577		7,136,690		6,842,614

Basic net income per common share	$	2.28	$	1.99	$	1.48

Diluted net income per common share computation
Numerator - net income to common shareholders	$	16,721	$	14,167	$	10,154

Denominator - weighted average common shares outstanding	7,334,577		7,136,690		6,842,614
Effect of dilutive stock options (1)	191,767		163,773		78,910
Effect of dilutive stock warrant (2)	—		79,590		183,825
Weighted average common shares outstanding-assuming dilution	7,526,344		7,380,053		7,105,349

Diluted net income per common share	$	2.22	$	1.92	$	1.43

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(1) For the years ended September 30, 2018, 2017 and 2016, average options to purchase 29,581, 1,117 and 42,801 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive.

(2) Represented 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. On June 12, 2013, the Treasury sold the Warrant to private investors. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2,496,000.