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Net Income Per Common Share
 12 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Net Income Per Common Share
Net Income Per Common Share

Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2014, 2013 and 2012 is as follows (dollars in thousands, except per share amounts):

 
2014

 
2013

 
2012

Basic net income per common share computation
 
 
 
 
 
Numerator - net income
$
5,850

 
$
4,757

 
$
4,590

Preferred stock dividends
(136
)
 
(710
)
 
(832
)
Discount on redemption of preferred stock
—

 
255

 
—

Preferred stock discount accretion
(70
)
 
(283
)
 
(240
)
Net income to common stockholders
$
5,644

 
$
4,019

 
$
3,518

 
 
 
 
 
 
  Denominator - weighted average common shares
    outstanding
6,856,730

 
6,817,918

 
6,780,612

 
 
 
 
 
 
Basic net income per common share
$
0.82

 
$
0.59

 
$
0.52

 
 
 
 
 
 
Diluted net income per common share computation
 

 
 

 
 

Numerator - net income
$
5,850

 
$
4,757

 
$
4,590

Preferred stock dividends
(136
)
 
(710
)
 
(832
)
Discount on redemption of preferred stock
—

 
255

 
—

Preferred stock discount accretion
(70
)
 
(283
)
 
(240
)
Net income to common stockholders
$
5,644

 
$
4,019

 
$
3,518

 
 
 
 
 
 
  Denominator - weighted average common shares
    outstanding
6,856,730

 
6,817,918

 
6,780,612

Effect of dilutive stock options
36,614

 
16,555

 
—

Effect of dilutive stock warrant
126,332

 
52,522

 
—

  Weighted average common shares outstanding-
    assuming dilution
7,019,676

 
6,886,995

 
6,780,612

 
 
 
 
 
 
Diluted net income per common share
$
0.80

 
$
0.58

 
$
0.52



For the years ended September 30, 2014, 2013 and 2012, average options to purchase 131,489, 109,953 and 162,517 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive.

For the year ended September 30, 2012 a warrant to purchase a weighted average of 370,899 shares was outstanding but not included in the computation of diluted net income per common share because the warrant’s exercise price was greater than the average market price of the common shares and, therefore, its effect would have been anti-dilutive.