Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

9 Months Ended

Jun. 30, 2023

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 Condensed 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 June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Basic
Net income	$	1,060	$	3,472	$	4,462	$	25,376
Less: preferred stock dividends	—		—		—		—
Net income applicable to common stock	$	1,060	$	3,472	$	4,462	$	25,376

Weighted average common shares outstanding	3,166,842		3,090,321		3,123,177		3,128,813
Basic earnings per share	$	0.33	$	1.12	$	1.43	$	8.11

Diluted
Net income applicable to common stock	$	1,060	$	3,472	$	4,462	$	25,376
Add: preferred stock dividends	—		—		—		—
Net income applicable for diluted earnings per share	$	1,060	$	3,472	$	4,462	$	25,376

Weighted average common shares outstanding	3,166,842		3,090,321		3,123,177		3,128,813
Add: Options	19,823		40,365		20,218		40,206
Add: Series B Preferred Stock	—		—		—		—
Add: Series B Preferred Stock Warrants	—		—		—		—
Add: Series E Preferred Stock	239		239		239		239
Assumed weighted average common shares outstanding	3,186,904		3,130,925		3,143,634		3,169,258
Diluted earnings per share	$	0.33	$	1.11	$	1.42	$	8.01

There are 38,500 and 21,000 options to purchase shares of common stock that are anti-dilutive, and are not included in the three and nine months ended June 30, 2023 and 2022 diluted earnings per share computations, respectively.