Note 4 - Earnings Per Share

3 Months Ended

Dec. 31, 2019

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, 2019

and

2018,

dollars in thousands, except per share data:

	Three months ended December 31,
	201 9		201 8
Net income	$	1,868		2,197
Weighted average number of shares of common stock outstanding		22,471,350		22,386,566
Effect of dilutive securities		71,617		209,395
Weighted average number of shares of common stock outstanding including effect of dilutive securities		22,542,967		22,595,961
Basic earnings per share	$	0.08		0.10
Diluted earnings per share	$	0.08		0.10

There were

160,246

and

5,126

non-vested RSUs for the

three

months ended

December 31, 2019

and

2018,

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

On

November 13, 2019,

the Company's Board of Directors (the Board) authorized a cash dividend of

$0.07

per share of common stock. Such dividend was paid on

December 17, 2019

to stockholders of record as of the close of business on

December 2, 2019

.

The Company did

not

declare any dividends during the

three

months ended

December 31, 2018.