Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.22.0.1
Earnings Per Share
3 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

Note 12: Earnings Per Share

Net income (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares 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 income (loss) per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares 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 (in 000's):

 

 

 

Three Months Ended December 31,

 

 

 

2021

 

 

2020

 

Basic

 

 

 

 

 

 

Net income

 

$

6,546

 

 

$

5,413

 

Less: preferred stock dividends

 

 

 

 

 

 

Net income applicable to common stock

 

$

6,546

 

 

$

5,413

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,582,334

 

 

 

1,568,213

 

Basic earnings per share

 

$

4.14

 

 

$

3.45

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

Net income applicable to common stock

 

$

6,546

 

 

$

5,413

 

Add: preferred stock dividends

 

 

 

 

 

 

Net income applicable for diluted earnings per share

 

$

6,546

 

 

$

5,413

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

1,582,334

 

 

 

1,568,213

 

Add: Options

 

 

40,534

 

 

 

41,668

 

Add: Series B Preferred Stock

 

 

1,578,950

 

 

 

1,071,220

 

Add: Series B Preferred Stock Warrants

 

 

 

 

 

590,147

 

Add: Series E Preferred Stock

 

 

239

 

 

 

47,840

 

Assumed weighted average common shares outstanding

 

 

3,202,057

 

 

 

3,319,088

 

Diluted earnings per share

 

$

2.04

 

 

$

1.63

 

 

There are 4,000 and 77,500 options to purchase shares of common stock that are anti-dilutive, and are not included in the three months ended December 31, 2021 and 2020, diluted earnings per share computations, respectively.