Earnings Per Share

Basic earnings per common share for the three months and nine months ended June 30, 2017 and 2016 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares. A reconciliation of basic and diluted earnings per share is presented below:



	Three Months Ended June 30,				Nine Months Ended June 30,
	2017		2016		2017		2016
Net Income	$	615,562	$	627,068	$	6,072,979	$	5,661,305
Weighted average common shares	7,227,171		7,160,650		7,212,289		7,140,914
Effect of dilutive securities:
Options to purchase common stock	46,669		12,062		32,275		7,951
Diluted average common shares	7,273,840		7,172,712		7,244,564		7,148,865
Earnings Per Share of Common Stock:
Basic	$	0.09	$	0.09	$	0.84	$	0.79
Diluted	$	0.08	$	0.09	$	0.84	$	0.79