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Earnings Per Share | 6 Months Ended
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Mar. 31, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per common share for the three and six months ended March 31, 2020 and 2019 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 March 31, |  | Six Months Ended March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net Income | $ | 5,680,316 |  |  | $ | 4,670,090 |  |  | $ | 9,687,252 |  |  | $ | 7,104,252 |
Weighted average common shares | 8,122,157 |  |  | 8,032,218 |  |  | 8,101,887 |  |  | 8,017,820 |
Effect of dilutive securities: |  |  |  |  |  |  |
Options to purchase common stock | 22,806 |  |  | 40,931 |  |  | 27,331 |  |  | 44,600 |
Diluted average common shares | 8,144,963 |  |  | 8,073,149 |  |  | 8,129,218 |  |  | 8,062,420 |
Earnings Per Share of Common Stock: |  |  |  |  |  |  |
Basic | $ | 0.70 |  |  | $ | 0.58 |  |  | $ | 1.20 |  |  | $ | 0.89 |
Diluted | $ | 0.70 |  |  | $ | 0.58 |  |  | $ | 1.19 |  |  | $ | 0.88 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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