Net Income Per Common Share

Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2019, 2018 and 2017 is as follows (dollars in thousands, except per share amounts):



	2019		2018		2017
Basic net income per common share computation
Numerator - net income to common shareholders	$	24,020	$	16,721	$	14,167

Denominator - weighted average common shares outstanding	8,318,928		7,334,577		7,136,690

Basic net income per common share	$	2.89	$	2.28	$	1.99

Diluted net income per common share computation
Numerator - net income to common shareholders	$	24,020	$	16,721	$	14,167

Denominator - weighted average common shares outstanding	8,318,928		7,334,577		7,136,690
Effect of dilutive stock options (1)	149,298		191,767		163,773
Effect of dilutive stock warrant (2)	—		—		79,590
Weighted average common shares outstanding-assuming dilution	8,468,226		7,526,344		7,380,053

Diluted net income per common share	$	2.84	$	2.22	$	1.92

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(1) For the years ended September 30, 2019, 2018 and 2017, average options to purchase 102,920, 29,581 and 1,117 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.