Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

6 Months Ended

Mar. 31, 2022

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.