Net Income Per Common Share (Tables)

9 Months Ended

Jun. 30, 2019

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



	Three Months Ended June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Basic net income per common share computation
Numerator – net income	$	5,956	$	4,416	$	17,685	$	12,299

Denominator – weighted average common shares outstanding	8,338,637		7,345,618		8,313,913		7,328,702

Basic net income per common share	$	0.71	$	0.60	$	2.13	$	1.68

Diluted net income per common share computation
Numerator – net income	$	5,956	$	4,416	$	17,685	$	12,299

Denominator – weighted average common shares outstanding	8,338,637		7,345,618		8,313,913		7,328,702
Effect of dilutive stock options (1)	143,723		189,539		154,299		189,745
Weighted average common shares outstanding - assuming dilution	8,482,360		7,535,157		8,468,212		7,518,447

Diluted net income per common share	$	0.70	$	0.59	$	2.09	$	1.64

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(1) For the three and nine months ended June 30, 2019, average options to purchase 102,050 and 102,353 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 the three months ended June 30, 2018, there were no options to purchase shares of common stock that were omitted from the computation of diluted earnings per share because their effect would be anti-dilutive. For the nine months ended June 30, 2018, average options to purchase 38,709 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive.