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Earnings per Share Data
 6 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings per Share Data

Note 5 – Earnings per Share Data

The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2014 and 2013:

 

     Quarter Ended March 31,      Six Months Ended March 31,  
     2014      2013      2014      2013  

Net Income

    $ 1,901,000       $ 2,977,000       $ 2,347,000       $ 2,001,000   
  

 

 

     

 

 

     

 

 

     

 

 

  

Common Shares:

            

Weighted average common shares outstanding

      9,518,000         9,518,000         9,518,000         9,518,000   

Effect of dilutive stock options

      73,000         —           58,000         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted shares outstanding

      9,591,000         9,518,000         9,576,000         9,518,000   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic:

            

Net earnings per share

    $ 0.20       $ 0.31       $ 0.25       $ 0.21   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted:

            

Net earnings per share

    $ 0.20       $ 0.31       $ 0.25       $ 0.21   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share are based on the weighted average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2014 were 339,000 and 330,000, respectively, which equates to 73,000 and 58,000 dilutive common stock equivalents, respectively. For the quarter and six months ended March 31, 2013, there were no common stock equivalents included in the diluted earnings per share calculations, as to do so would have been anti-dilutive. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation because they were anti-dilutive, were 16,000 and 7,000, respectively, for the quarter and six months ended March 31, 2014, and 325,500 for the quarter and six months ended March 31, 2013.