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Note 10 - Earnings Per Share | 6 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] |
10. | Earnings Per Share
Basic earnings per common share for the three and six months ended March 31, 2024 and 2023 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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 6,443,390 |  |  | $ | 6,341,886 |  |  | $ | 11,463,382 |  |  | $ | 9,598,291 |
Weighted average common shares |  |  | 10,170,595 |  |  |  | 9,911,202 |  |  |  | 10,099,533 |  |  |  | 9,870,259 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options to purchase common stock |  |  | 3,411 |  |  |  | 7,506 |  |  |  | 2,751 |  |  |  | 7,242 |
Diluted average common shares |  |  | 10,174,006 |  |  |  | 9,918,708 |  |  |  | 10,102,284 |  |  |  | 9,877,501 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.63 |  |  | $ | 0.64 |  |  | $ | 1.14 |  |  | $ | 0.97 |
Diluted |  | $ | 0.63 |  |  | $ | 0.64 |  |  | $ | 1.13 |  |  | $ | 0.97 |

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