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Net Income Per Common Share | 9 Months Ended
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Jun. 30, 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 nine months ended June 30, 2024 and 2023 is as follows (dollars in thousands, except per share amounts):
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Basic net income per common share computation |  |  |  |  |  |  |
Numerator – net income | $ | 5,924 |  |  | $ | 6,306 |  |  | $ | 17,928 |  |  | $ | 20,476 |
Denominator – weighted average common shares outstanding | 8,004,552 |  |  | 8,156,831 |  |  | 8,067,068 |  |  | 8,203,255 |
Basic net income per common share | $ | 0.74 |  |  | $ | 0.77 |  |  | $ | 2.22 |  |  | $ | 2.50 |
Diluted net income per common share computation |  |  |  |  |  |  |
Numerator – net income | $ | 5,924 |  |  | $ | 6,306 |  |  | $ | 17,928 |  |  | $ | 20,476 |
Denominator – weighted average common shares outstanding | 8,004,552 |  |  | 8,156,831 |  |  | 8,067,068 |  |  | 8,203,255 |
Effect of dilutive stock options (1) | 34,793 |  |  | 57,144 |  |  | 41,975 |  |  | 75,824 |
Weighted average common shares outstanding - assuming dilution | 8,039,345 |  |  | 8,213,975 |  |  | 8,109,043 |  |  | 8,279,079 |
Diluted net income per common share | $ | 0.74 |  |  | $ | 0.77 |  |  | $ | 2.21 |  |  | $ | 2.47 |
____________________________________________ (1) For the three and nine months ended June 30, 2024, average options to purchase 240,820 and 233,081 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 nine months ended June 30, 2023, average options to purchase 256,503 and 203,823 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.

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