Net Income Per Common Share

12 Months Ended

Sep. 30, 2017

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, 2017, 2016 and 2015 is as follows (dollars in thousands, except per share amounts):

	2017		2016		2015
Basic net income per common share computation
Numerator - net income to common shareholders	$	14,167	$	10,154	$	8,292
Denominator - weighted average common shares outstanding	7,136,690		6,842,614		6,897,270
Basic net income per common share	$	1.99	$	1.48	$	1.20
Diluted net income per common share computation
Numerator - net income to common shareholders	$	14,167	$	10,154	$	8,292
Denominator - weighted average common shares outstanding	7,136,690		6,842,614		6,897,270
Effect of dilutive stock options (1)	163,773		78,910		36,863
Effect of dilutive stock warrant (2)	79,590		183,825		134,955
Weighted average common shares outstanding-assuming dilution	7,380,053		7,105,349		7,069,088
Diluted net income per common share	$	1.92	$	1.43	$	1.17

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(1) For the years ended September 30, 2017, 2016 and 2015, average options to purchase 1,117, 42,801 and 155,152 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.

(2) Represented a warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018 (the "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program. On June 12, 2013, the Treasury sold the Warrant to private investors. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2,496,000.