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EARNINGS PER SHARE:
 12 Months Ended
Sep. 30, 2014
EARNINGS PER SHARE:  
EARNINGS PER SHARE:

4. 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.

Shares of common stock underlying outstanding stock options and restricted stock unit awards at September 2014 and September 2013 which were anti- dilutive were not included in the computations of diluted earnings per share. Such anti-dilutive awards excluded from the computation of diluted earnings per share included 500 shares of common stock with an average exercise price of $65.97 at September 2013. There were no anti-dilutive awards at September 2014.

                                                                                                                                                                                    

 

 

For Fiscal Years

 

 

 

2014
Basic

 

2013
Basic

 

Weighted average common shares outstanding

 

 
610,392

 

 
622,904

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
4,959,528

 

$
5,858,672

 

Deduct: convertible preferred stock dividends

 

 
(195,105

)

 
(205,218

)

 

 

 

 

 

 

Net income available to common shareholders

 

$
4,764,423

 

$
5,653,454

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$
7.81

 

$
9.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                                                                                                    

 

 

2014
Diluted

 

2013
Diluted

 

Weighted average common shares outstanding

 

 
610,392 

 

 
622,904 

 

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

 

 
124,835 

 

 
128,908 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 
735,227 

 

 
751,812 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
4,959,528 

 

$
5,858,672 

 

Deduct: convertible preferred stock dividends(2)

 

 

—

 

 

—

 

 

 

 

 

 

 

Net income available to common shareholders

 

$
4,959,528 

 

$
5,858,672 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$
6.75 

 

$
7.79 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 dividend payments for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.