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EARNINGS PER SHARE
 6 Months Ended
Mar. 31, 2024
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, 2024 and 2023. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods.

 

   Three Months   Six Months 
   Ended March 31,   Ended March 31, 
   2024   2023   2024   2023 
   (Dollars in thousands, except share and per share data) 
                 
Income applicable to common shares  $1,897   $1,796   $3,549   $3,606 
Weighted average common shares outstanding- basic   6,372,034    6,431,471    6,360,801    6,431,109 
Weighted average common shares outstanding- diluted   6,372,034    6,432,052    6,360,801    6,432,742 
Earnings per share - basic  $0.30   $0.28   $0.56   $0.56 
Earnings per share - diluted  $0.30   $0.28   $0.56   $0.56 

 

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 March 31, 2024 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 March 31, 2023.