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EARNINGS PER SHARE
 9 Months Ended
Jun. 30, 2012
EARNINGS PER SHARE  
EARNINGS PER SHARE

7. EARNINGS PER SHARE

 

Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive options, using the treasury stock method.

 

 

 

For the three months ended June

 

 

 

2012

 

2011

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Weighted average common shares outstanding

 

608,271

 

608,271

 

599,281

 

599,281

 

Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)

 

—

 

170,835

 

—

 

176,135

 

Weighted average number of shares outstanding

 

608,271

 

779,106

 

599,281

 

775,416

 

Income from operations

 

$

1,846,001

 

$

1,846,001

 

$

1,827,751

 

$

1,827,751

 

Deduct: convertible preferred stock dividends (2)

 

(66,907

)

—

 

(70,649

)

—

 

Net income available to common shareholders

 

1,779,094

 

1,846,001

 

1,757,102

 

1,827,751

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$

2.92

 

$

2.37

 

$

2.93

 

$

2.36

 

 

 

(1)   Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock units deemed to be dilutive.

(2)   Diluted earnings per share calculation excludes dividends for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.

 

 

 

For the nine months ended June

 

 

 

2012

 

2011

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Weighted average common shares outstanding

 

615,913

 

615,913

 

589,084

 

589,084

 

Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)

 

—

 

168,074

 

—

 

180,786

 

Weighted average number of shares outstanding

 

615,913

 

783,987

 

589,084

 

769,870

 

Income from operations

 

$

4,749,086

 

$

4,749,086

 

$

5,244,493

 

$

5,244,493

 

Deduct: convertible preferred stock dividends (2)

 

(201,454

)

—

 

(218,755

)

—

 

 

 

4,547,632

 

4,749,086

 

5,025,738

 

5,244,493

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$

7.38

 

$

6.06

 

$

8.53

 

$

6.81

 

 

 

(1)   Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock units deemed to be dilutive.

(2)   Diluted earnings per share calculation excludes dividends for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.