Note 4 - Earnings Per Share

3 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

4

. Earnings Per Share

Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the Company’s granted but unvested restricted stock units (RSUs) were to vest, resulting in the issuance of common stock that would then share in the Company’s earnings.

Presented below are basic and diluted EPS for the

three

months ended

December 31, 2018

and

2017,

dollars in thousands, except per share data:

	Three months ended December 31,
	201 8		201 7
Net income	$	2,197		5,181
Weighted average number of shares of common stock outstanding		22,386,566		22,359,828
Effect of dilutive securities		209,395		6,921
Weighted average number of shares of common stock outstanding including effect of dilutive securities		22,595,961		22,366,749
Basic earnings per share	$	0.10		0.23
Diluted earnings per share	$	0.10		0.23

There were

5,126

and

157,879

non-vested RSUs for the

three

months ended

December 31, 2018

and

2017,

respectively, excluded from the calculation of diluted EPS as they are antidilutive.

The Company did

not

declare any dividends in the

three

months ended

December 31, 2018

or

2017.