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Net Income Per Common Share
 3 Months Ended
Dec. 31, 2023
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.  Nonvested shares of restricted stock are included in the computation of basic earnings per share because the holder has voting rights and shares in non-forfeitable dividends during the vesting period. 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 months ended December 31, 2023 and 2022 is as follows (dollars in thousands, except per share amounts):
 Three Months Ended December 31,
20232022
Basic net income per common share computation
Numerator – net income $6,296 $7,507 
Denominator – weighted average common shares outstanding8,114,209 8,232,273 
Basic net income per common share$0.78 $0.91 
Diluted net income per common share computation
Numerator – net income$6,296 $7,507 
Denominator – weighted average common shares outstanding8,114,209 8,232,273 
Effect of dilutive stock options (1)51,839 86,460 
Weighted average common shares outstanding - assuming dilution8,166,048 8,318,733 
Diluted net income per common share$0.77 $0.90 
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(1) For the three months ended December 31, 2023 and 2022, average options to purchase 214,595 and 182,000 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.