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EARNINGS PER SHARE
 6 Months Ended
Mar. 31, 2023
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 and six months ended March 31, 2023 and 2022. 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   For the Six Months 
   Ended March 31,   Ended March 31, 
   2023   2022   2023   2022 
   (Dollars in thousands, except share and per share data) 
                 
Income applicable to common shares  $1,796   $1,679   $3,606   $3,372 
Weighted average shares outstanding - basic   6,431,471    6,796,566    6,431,109    6,796,598 
Weighted average shares outstanding - diluted   6,432,052    6,796,566    6,432,742    6,796,598 
Earnings per share - basic  $0.28   $0.25   $0.56   $0.50 
Earnings per share - diluted  $0.28   $0.25   $0.56   $0.50 

 

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 March 31, 2023. There were no outstanding stock awards or options to purchase common stock at March 31, 2022.