XML 26 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Net Income Per Common Share
 9 Months Ended
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,
2021202020212020
Basic net income per common share computation  
Numerator – net income $7,024 $6,211 $21,565 $17,912 
Denominator – weighted average common shares outstanding8,365,350 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 outstanding8,365,350 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 dilution8,465,393 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.