EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2015

NOTE D - EARNINGS PER SHARE

Basic and diluted earnings per share for the three and nine months ended June 30, 2015 and 2014 were calculated by dividing net income by the weighted-average number of shares outstanding for the period considering the effect of diluted equity options and stock awards for the diluted earnings per share calculations.

	For the Three Months				For the Nine Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
	(In thousands except for per share data)

Income applicable to common shares	$	245	$	188	$	574	$	382
Weighted average number of common shares
outstanding - basic		5,819		5,815		5,818		5,814
Stock options and restricted stock		—		1		—		1
Weighted average number of common shares
and common share equivalents - diluted		5,819		5,816		5,818		5,815

Basic earnings per share	$	0.04	$	0.03	$	0.10	$	0.07

Diluted earnings per share	$	0.04	$	0.03	$	0.10	$	0.07

Options to purchase 188,276 shares of common stock at a weighted average price of $14.61 were outstanding and not included in the computation of diluted earnings per share for the three and nine months ended June 30, 2015 because the grant (or option strike) price was greater than the average market price of the common shares during the period and are thus anti-dilutive. Options to purchase 188,276 shares of common stock at a weighted average price of $14.61 were outstanding and not included in the computation of diluted earnings per share for the three and nine months ended June 30, 2014 because the grant (or option strike) price was greater than the average market price of the common shares during the period and are thus anti-dilutive.