EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2016

NOTE D - EARNINGS PER SHARE

Basic and diluted earnings per share for the three and six months ended March 31, 2016 and 2015 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 Six Months
	Ended March 31,				Ended March 31,
	2016		2015		2016		2015
	(In thousands except for per share data)

Income applicable to common shares	$	178	$	147	$	487	$	329
Weighted average number of common shares
outstanding - basic		5,820		5,819		5,820		5,818
Stock options and restricted stock		—		—		—		—
Weighted average number of common shares
and common share equivalents - diluted		5,820		5,819		5,820		5,818

Basic earnings per share	$	0.03	$	0.03	$	0.08	$	0.06

Diluted earnings per share	$	0.03	$	0.03	$	0.08	$	0.06

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, 2016 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 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.