Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.22.1
Earnings Per Share
6 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 12: Earnings Per Share

Net income 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 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 March 31,

 

 

For the Six Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,358

 

 

$

8,734

 

 

$

21,904

 

 

$

14,147

 

Less: preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

15,358

 

 

$

8,734

 

 

$

21,904

 

 

$

14,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

3,134,540

 

 

 

1,555,175

 

 

 

3,148,059

 

 

 

1,534,287

 

Basic earnings per share

 

$

4.90

 

 

$

5.62

 

 

$

6.96

 

 

$

9.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

15,358

 

 

$

8,734

 

 

$

21,904

 

 

$

14,147

 

Add: preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable for diluted earnings per share

 

$

15,358

 

 

$

8,734

 

 

$

21,904

 

 

$

14,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

3,134,540

 

 

 

1,555,175

 

 

 

3,148,059

 

 

 

1,534,287

 

Add: Options

 

 

38,102

 

 

 

87,168

 

 

 

38,825

 

 

 

87,168

 

Add: Series B Preferred Stock

 

 

 

 

 

1,593,950

 

 

 

 

 

 

1,593,950

 

Add: Series E Preferred Stock

 

 

239

 

 

 

47,840

 

 

 

239

 

 

 

47,840

 

Assumed weighted average common shares outstanding

 

 

3,172,881

 

 

 

3,284,133

 

 

 

3,187,124

 

 

 

3,263,245

 

Diluted earnings per share

 

$

4.84

 

 

$

2.66

 

 

$

6.87

 

 

$

4.34

 

 

There are 0 and 33,250 options to purchase shares of common stock that are anti-dilutive, and are not included in the six months ended March 31, 2022 and 2021, diluted earnings per share computations, respectively.