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EARNINGS PER SHARE (Tables)
9 Months Ended
Jun. 30, 2014
EARNINGS PER SHARE  
Schedule of net earnings per share available to common shareholders

 

 

For the three months ended June

 

 

 

2014

 

2013

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Weighted average common shares outstanding

 

605,319

 

605,319

 

623,115

 

623,115

 

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

 

 

124,659

 

 

121,617

 

Weighted average number of shares outstanding

 

605,319

 

729,978

 

623,115

 

744,732

 

Net income

 

$

1,260,432

 

$

1,260,432

 

$

1,632,487

 

$

1,632,487

 

Deduct: convertible preferred stock dividends (2)

 

(48,643

)

 

(48,642

)

 

Net income available to common shareholders

 

$

1,211,789

 

$

1,260,432

 

$

1,583,845

 

$

1,632,487

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$

2.00

 

$

1.73

 

$

2.54

 

$

2.19

 

 

 

(1)                   Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock 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

 

 

 

2014

 

2013

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Weighted average common shares outstanding

 

613,032

 

613,032

 

622,833

 

622,833

 

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

 

 

123,499

 

 

129,113

 

Weighted average number of shares outstanding

 

613,032

 

736,531

 

622,833

 

751,946

 

Net income

 

$

3,079,713

 

$

3,079,713

 

$

4,309,133

 

$

4,309,133

 

Deduct: convertible preferred stock dividends (2)

 

(145,928

)

 

(156,041

)

 

Net income available to common shareholders

 

$

2,933,785

 

$

3,079,713

 

$

4,153,092

 

$

4,309,133

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$

4.79

 

$

4.18

 

$

6.67

 

$

5.73

 

 

 

(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.