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13. Earnings Per Share

9 Months Ended

Jun. 30, 2018

Note 13: Earnings Per Share

Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average shares of common stock outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential shares of common stock consist of the additional shares of common stock issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net earnings per share:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2018			2017			2018			2017
Basic

Net income	$	2,077,038		$	2,128,043		$	5,877,866		$	5,397,282
Less: preferred stock dividends		(292	)		(479	)		(876	)		(1,438	)
Net income applicable to common stock	$	2,076,746		$	2,127,564		$	5,876,990		$	5,395,844

Weighted average common shares outstanding		1,970,136			2,044,767			1,972,758			2,289,646

Basic earnings per share	$	1.05		$	1.04		$	2.98		$	2.36



Diluted

Net income applicable to common stock	$	2,076,746		$	2,127,564		$	5,876,990		$	5,395,844
Add: preferred stock dividends		292			479			876			1,438
Net income applicable for diluted earnings per share	$	2,077,038		$	2,128,043		$	5,877,866		$	5,397,282

Weighted average common shares outstanding		1,962,039			2,044,767			1,983,719			2,289,646
Add: Options		38,980			35,296			42,440			53,081
Add: Series B Preferred Stock		1,071,200			1,071,200			1,071,200			1,071,200
Add: Series B Preferred Stock Warrants		590,145			590,145			590,145			590,145
Add: Series E Preferred Stock		77,840			127,840			77,840			127,840
Assumed weighted average common shares outstanding		3,740,204			3,869,248			3,765,344			4,131,912

Diluted earnings per share	$	0.56		$	0.55		$	1.56		$	1.31

There are 121,250 and 124,168 common stock options that are anti-dilutive that are not included in the three months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively. There are 121,250 and 111,668 common stock options that are anti-dilutive that are not included in the nine months ended June 30, 2018 and 2017, diluted earnings per share computations, respectively.