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Net Income Per Common Share | 9 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed conversion of outstanding stock options to purchase common stock. Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2021 and 2020 is as follows (dollars in thousands, except per share amounts):
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Basic net income per common share computation |  |  |  |  |  |  |
Numerator – net income | $ | 7,024 |  |  | $ | 6,211 |  |  | $ | 21,565 |  |  | $ | 17,912 |
Denominator – weighted average common shares outstanding | 8,365,350 |  |  | 8,309,947 |  |  | 8,336,590 |  |  | 8,331,908 |
Basic net income per common share | $ | 0.84 |  |  | $ | 0.75 |  |  | $ | 2.59 |  |  | $ | 2.15 |
Diluted net income per common share computation |  |  |  |  |  |  |
Numerator – net income | $ | 7,024 |  |  | $ | 6,211 |  |  | $ | 21,565 |  |  | $ | 17,912 |
Denominator – weighted average common shares outstanding | 8,365,350 |  |  | 8,309,947 |  |  | 8,336,590 |  |  | 8,331,908 |
Effect of dilutive stock options (1) | 100,043 |  |  | 69,036 |  |  | 104,271 |  |  | 105,122 |
Weighted average common shares outstanding - assuming dilution | 8,465,393 |  |  | 8,378,983 |  |  | 8,440,861 |  |  | 8,437,030 |
Diluted net income per common share | $ | 0.83 |  |  | $ | 0.74 |  |  | $ | 2.55 |  |  | $ | 2.12 |
____________________________________________ (1) For the three and nine months ended June 30, 2021, average options to purchase 134,365 and 135,876 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 and nine months ended June 30, 2020, average options to purchase 135,212 and 126,052 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per shares, because their effect would have been anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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