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, 2019 and 2018:


	Quarter Ended March 31,				Six Months Ended March 31,
	2019		2018		2019		2018
Net Income	$	7,460,000	$	3,764,000	$	7,773,000	$	6,110,000

Common Shares:
Weighted average common shares outstanding		14,541,000		14,482,000		14,541,000		14,470,000
Effect of dilutive stock options		167,000		246,000		164,000		255,000

Diluted shares outstanding		14,708,000		14,728,000		14,705,000		14,725,000

Basic:
Net earnings per share	$	0.51	$	0.26	$	0.53	$	0.42

Diluted:
Net earnings per share	$	0.51	$	0.26	$	0.53	$	0.41

Basic earnings per share is based on the weighted-average number of shares outstanding. Diluted earnings per share is based on the sum of the weighted-average number of shares outstanding plus common stock equivalents.

The 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, 2019 were 317,000 and 317,000, respectively, which equates to 167,000 and 164,000 dilutive common stock equivalents, respectively. The 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, 2018 were 377,000 and 389,000, respectively, which equates to 246,000 and 255,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and six month periods ended March 31, 2019 and 2018.