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EARNINGS PER SHARE | 9 Months Ended
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Jun. 30, 2015
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE D - EARNINGS PER SHARE Basic and diluted earnings per share for the three and nine months ended June 30, 2015 and 2014 were calculated by dividing net income by the weighted-average number of shares outstanding for the period considering the effect of diluted equity options and stock awards for the diluted earnings per share calculations.
|  | For the Three Months |  |  | For the Nine Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
|  | (In thousands except for per share data) |
Income applicable to common shares |  | $ | 245 |  |  | $ | 188 |  |  | $ | 574 |  |  | $ | 382 |
Weighted average number of common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outstanding - basic |  |  | 5,819 |  |  |  | 5,815 |  |  |  | 5,818 |  |  |  | 5,814 |
Stock options and restricted stock |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Weighted average number of common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and common share equivalents - diluted |  |  | 5,819 |  |  |  | 5,816 |  |  |  | 5,818 |  |  |  | 5,815 |
Basic earnings per share |  | $ | 0.04 |  |  | $ | 0.03 |  |  | $ | 0.10 |  |  | $ | 0.07 |
Diluted earnings per share |  | $ | 0.04 |  |  | $ | 0.03 |  |  | $ | 0.10 |  |  | $ | 0.07 |
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 nine months ended June 30, 2015 because the grant (or option strike) price was greater than the average market price of the common shares during the period and are thus anti-dilutive. 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 nine months ended June 30, 2014 because the grant (or option strike) price was greater than the average market price of the common shares during the period and are thus anti-dilutive.

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