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EARNINGS PER SHARE
 3 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE D - EARNINGS PER SHARE

 

The following table presents a calculation of basic and diluted earnings per share for the three months ended December 31, 2022 and 2021. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods.

 

   For the Three Months 
   Ended December 31, 
   2022   2021 
   (Dollars in thousands, except share and per share data) 
         
Income applicable to common shares  $1,810   $1,693 
Weighted average common shares outstanding- basic   6,456,525    6,792,477 
Potential diliutive common stock equivalents   2,921    
—
 
Weighted average common shares outstanding- diluted   6,459,446    6,792,477 
Earnings per share - basic  $0.28   $0.25 
Earnings per share - diluted  $0.28   $0.25 

 

Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 156,400 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2022. There were no outstanding stock awards or options to purchase common stock at December 31, 2021.