XML 22 R11.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2017

NOTE D - EARNINGS PER SHARE

Basic and diluted earnings per share for the three and six months ended March 31, 2017 and 2016 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,
	2017		2016		2017		2016
	(In thousands except for per share data)

Income applicable to common shares	$	300	$	178	$	648	$	487
Weighted average number of common shares
outstanding - basic		5,821		5,820		5,821		5,820
Stock options and restricted stock		—		—		—		—
Weighted average number of common shares
and common share equivalents - diluted		5,821		5,820		5,821		5,820

Basic earnings per share	$	0.05	$	0.03	$	0.11	$	0.08

Diluted earnings per share	$	0.05	$	0.03	$	0.11	$	0.08

There were no outstanding options to purchase common stocks at March 31, 2017.

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.