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Earnings Per Share | 6 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share |
Note 9: | Earnings Per Share
Net earnings per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Diluted net earnings per share is computed using the weighted average number of shares of common stock outstanding and if dilutive, potential shares of common stock 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 March 31, |  |  | Six Months Ended March 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 8,734 |  |  | $ | 1,881 |  |  | $ | 14,147 |  |  | $ | 2,866 |
Less: preferred stock dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income applicable to common stock |  | $ | 8,734 |  |  | $ | 1,881 |  |  | $ | 14,147 |  |  | $ | 2,866 |
Weighted average common shares outstanding |  |  | 1,555,175 |  |  |  | 1,752,908 |  |  |  | 1,534,287 |  |  |  | 1,779,706 |
Basic earnings per share |  | $ | 5.62 |  |  | $ | 1.07 |  |  | $ | 9.22 |  |  | $ | 1.61 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income applicable to common stock |  | $ | 8,734 |  |  | $ | 1,881 |  |  | $ | 14,147 |  |  | $ | 2,866 |
Add: preferred stock dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income applicable for diluted earnings per share |  | $ | 8,734 |  |  | $ | 1,881 |  |  | $ | 14,147 |  |  | $ | 2,866 |
Weighted average common shares outstanding |  |  | 1,555,175 |  |  |  | 1,752,908 |  |  |  | 1,534,287 |  |  |  | 1,779,706 |
Add: Options |  |  | 87,168 |  |  |  | — |  |  |  | 87,168 |  |  |  | — |
Add: Series B Preferred Stock |  |  | 1,593,950 |  |  |  | 1,071,220 |  |  |  | 1,593,950 |  |  |  | 1,071,220 |
Add: Series B Preferred Stock Warrants |  |  | — |  |  |  | 590,147 |  |  |  | — |  |  |  | 590,147 |
Add: Series E Preferred Stock |  |  | 47,840 |  |  |  | 47,840 |  |  |  | 47,840 |  |  |  | 47,840 |
Assumed weighted average common shares outstanding |  |  | 3,284,133 |  |  |  | 3,462,115 |  |  |  | 3,263,245 |  |  |  | 3,488,913 |
Diluted earnings per share |  | $ | 2.66 |  |  | $ | 0.54 |  |  | $ | 4.34 |  |  | $ | 0.82 |
There are 33,250 and 200,418 options to purchase shares of common stock that are anti-dilutive that are not included in the three and six months ended March 31, 2021, diluted earnings per share computations, respectively.

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