Note 4 - Earnings Per Share

6 Months Ended

Mar. 31, 2022

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 and six months ended March 31, 2022 and 2021, dollars in thousands, except per share data:

	Three months ended March 31,				Six months ended March 31,
	2022		2021		2022		2021
Net income	$	6,357		4,704		15,272		8,336
Weighted average number of shares of common stock outstanding		22,660,477		22,581,916		22,650,123		22,570,305
Effect of dilutive securities		159,049		155,730		139,991		144,793
Weighted average number of shares of common stock outstanding including effect of dilutive securities		22,819,526		22,737,646		22,790,114		22,715,098
Basic earnings per share	$	0.28		0.21		0.67		0.37
Diluted earnings per share	$	0.28		0.21		0.67		0.37

There were 11,466 and 11,866 non-vested RSUs for the three and six months ended March 31, 2022, respectively, excluded from the calculation of diluted EPS as they were antidilutive. There were 4,296 and 2,973 non-vested RSUs for the three and six months ended March 31, 2021, respectively, excluded from the calculation of diluted EPS as they were antidilutive.