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Net Income Per Common Share
 6 Months Ended
Mar. 31, 2024
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 and six months ended March 31, 2024 and 2023 is as follows (dollars in thousands, except per share amounts):
 Three Months Ended March 31,Six Months Ended March 31,
2024202320232023
Basic net income per common share computation  
Numerator – net income $5,708 $6,663 $12,004 $14,169 
Denominator – weighted average common shares outstanding8,081,924 8,220,532 8,098,155 8,226,467 
Basic net income per common share$0.71 $0.81 $1.48 $1.72 
Diluted net income per common share computation  
Numerator – net income$5,708 $6,663 $12,004 $14,169 
Denominator – weighted average common shares outstanding8,081,924 8,220,532 8,098,155 8,226,467 
Effect of dilutive stock options (1)39,185 83,838 45,546 85,163 
Weighted average common shares outstanding - assuming dilution8,121,109 8,304,370 8,143,701 8,311,630 
Diluted net income per common share$0.70 $0.80 $1.47 $1.70 
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(1) For the three and six months ended March 31, 2024, average options to purchase 244,030 and 229,232 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. For the three and six months ended March 31, 2023, average options to purchase 176,867
and 177,484 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would be anti-dilutive.