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13. Earnings Per Share | 9 Months Ended
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Jun. 30, 2019
Earnings Per Share [Abstract] |
Earnings Per Share | 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, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Basic |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,480,343 |  |  | $ | 2,077,038 |  |  | $ | 3,484,258 |  |  | $ | 5,877,866 |
Less: preferred stock dividends |  |  | (292 | ) |  |  | (292 | ) |  |  | (876 | ) |  |  | (876 | )
Net income applicable to common stock |  | $ | 1,480,051 |  |  | $ | 2,076,746 |  |  | $ | 3,483,382 |  |  | $ | 5,876,990 |
Weighted average common shares outstanding |  |  | 1,886,445 |  |  |  | 1,970,136 |  |  |  | 1,919,221 |  |  |  | 1,972,758 |
Basic earnings per share |  | $ | 0.78 |  |  | $ | 1.05 |  |  | $ | 1.81 |  |  | $ | 2.98 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Net income applicable to common stock |  | $ | 1,480,051 |  |  | $ | 2,076,746 |  |  | $ | 3,483,382 |  |  | $ | 5,876,990 |
Add: preferred stock dividends |  |  | 292 |  |  |  | 292 |  |  |  | 876 |  |  |  | 876 |
Net income applicable for diluted earnings per share |  | $ | 1,480,343 |  |  | $ | 2,077,038 |  |  | $ | 3,484,258 |  |  | $ | 5,877,866 |
Weighted average common shares outstanding |  |  | 1,886,445 |  |  |  | 1,962,039 |  |  |  | 1,919,221 |  |  |  | 1,983,719 |
Add: Options |  |  | – |  |  |  | 38,980 |  |  |  | 4,610 |  |  |  | 42,440 |
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 |  |  |  | 77,840 |  |  |  | 77,840 |  |  |  | 77,840 |
Assumed weighted average common shares outstanding |  |  | 3,625,630 |  |  |  | 3,740,204 |  |  |  | 3,663,016 |  |  |  | 3,765,344 |
Diluted earnings per share |  | $ | 0.41 |  |  | $ | 0.56 |  |  | $ | 0.95 |  |  | $ | 1.56 |
There are 200,418 and 121,250 common stock options that are anti-dilutive that are not included in the three months ended June 30, 2019 and 2018, diluted earnings per share computations, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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