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Earnings Per Share
6 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Basic earnings per common share for the three and six months ended March 31, 2020 and 2019 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares. A reconciliation of basic and diluted earnings per share is presented below:
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Net Income
$
5,680,316

 
$
4,670,090

 
$
9,687,252

 
$
7,104,252

Weighted average common shares
8,122,157

 
8,032,218

 
8,101,887

 
8,017,820

Effect of dilutive securities:
 
 
 
 
 
 
 
Options to purchase common stock
22,806

 
40,931

 
27,331

 
44,600

Diluted average common shares
8,144,963

 
8,073,149

 
8,129,218

 
8,062,420

Earnings Per Share of Common Stock:
 
 
 
 
 
 
 
Basic
$
0.70

 
$
0.58

 
$
1.20

 
$
0.89

Diluted
$
0.70

 
$
0.58

 
$
1.19

 
$
0.88