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Earnings Per Share of Common Stock
 6 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock
 
Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding.
 
We are required to present earnings per share, or EPS, utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities.
 
Basic and diluted earnings per share computations for the Company’s reported net income attributable to common stockholders are as follows:

 
For the three months ended
 
For the six months ended
 
March 31, 2014
 
March 31, 2013
 
March 31, 2014
 
March 31, 2013
 
(Amounts in thousands except per share data)
Net income
$
167

 
$
740

 
$
513

 
$
855

Less: net income attributable to nonvested common stock
6

 
16

 
18

 
17

Net income attributable to common stockholders
$
161

 
$
724

 
$
495

 
$
838

 
 
 
 
 
 
 
 
Weighted average total shares outstanding – basic
3,580

 
3,448

 
3,562

 
3,437

Less: weighted average non-vested shares outstanding
134

 
73

 
123

 
68

Weighted average number of common shares outstanding – basic
3,446

 
3,375

 
3,439

 
3,369

Potential common shares from non-vested stock awards and the assumed exercise of stock options
47

 
49

 
45

 
47

Weighted average common shares outstanding – diluted
3,493

 
3,424

 
3,484

 
3,416

 
 
 
 
 
 
 
 
Net income per share – basic
$
0.05

 
$
0.21

 
$
0.14

 
$
0.25

Net income per share – diluted
$
0.05

 
$
0.21

 
$
0.14

 
$
0.25


 
All anti-dilutive securities, including certain stock options, are excluded from the diluted income per share computation. For the three months ended March 31, 2014 and 2013, 49,000 and 183,000 options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value. For the six months ended March 31, 2014 and 2013, 49,000 and 190,000 options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value.