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EARNINGS PER SHARE
 3 Months Ended
Dec. 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 months ended December 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 
   Ended December 31, 
   2023   2022 
   (Dollars in thousands, except share and per share data) 
         
Income applicable to common shares  $1,652   $1,810 
Weighted average common shares outstanding- basic   6,387,010    6,456,525 
Potential diliutive common stock equivalents   
—
    2,921 
Weighted average common shares outstanding- diluted   6,387,010    6,459,446 
Earnings per share - basic  $0.26   $0.28 
Earnings per share - diluted  $0.26   $0.28 

 

Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 124,320 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2023 but were not included in the calculation of diluted EPS because they were anti-dilutive. 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.