EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2015

NOTE D - EARNINGS PER SHARE

Basic and diluted earnings per share for the three months ended December 31, 2015 and 2014 were calculated by dividing net income by the weighted-average number of shares outstanding for the period considering the effect of dilutive equity options and stock awards for the diluted earnings per share calculations.

	For the Three Months Ended December 31,
	2015						2014
			Weighted		Per				Weighted		Per
			average		share				average		share
	Income		shares		Amount		Income		shares		Amount
	(In thousands, except per share data)
Basic EPS
Net income available to common shareholders	$	309		5,820	$	0.05	$	182		5,817	$	0.03

Effect of dilutive securities
Options and grants		—		0		—		—		1		—

Diluted EPS
Net income available to common shareholders plus assumed conversion	$	309		5,820	$	0.05	$	182		5,818	$	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 months ended December 31, 2015 and 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.