EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2015

NOTE D - EARNINGS PER SHARE

Basic and diluted earnings per share for the three and six months ended March 31, 2015 and 2014 were calculated by dividing net income by the weighted-average number of shares outstanding for the period. All stock options and restricted stock awards were anti-dilutive for the three and six months ended March 31, 2015 and the three and six months ended March 31, 2014. The following table shows the Company's earnings per share for the periods presented:

	For the Three Months				For the Six Months
	Ended March 31,				Ended March 31,
	2015		2014		2015		2014
	(In thousands except for per share data)

Income applicable to common shares	$	147	$	63	$	329	$	193
Weighted average number of common shares
outstanding - basic		5,819		5,814		5,818		5,814
Weighted average number of common shares
and common share equivalents - diluted		5,819		5,814		5,818		5,814

Basic earnings per share	$	0.03	$	0.01	$	0.06	$	0.03

Diluted earnings per share	$	0.03	$	0.01	$	0.06	$	0.03

Options to purchase 188,276 shares of common stock at a weighted average price of $14.61 were outstanding and not included in the computation of diluted earnings per share for the three and six months ended March 31, 2015 because the grant (or option strike) price was greater than the average market price of the common shares during the period. Options to purchase 188,276 shares of common stock at a weighted average price of $14.61 were outstanding and not included in the computation of diluted earnings per share for the three and six months ended March 31, 2014 because the grant (or option strike) price was greater than the average market price of the common shares during the period.

- Definition

The entire disclosure for earnings per share.

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