Earnings Per Share

3 Months Ended

Dec. 31, 2021

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding and restricted stock grants that vested or are likely to vest during the period. Diluted earnings per share is calculated by dividing income available to common shareholders by the weighted average number of basic common shares outstanding, adjusted to reflect potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method.


	(In thousands)
	Three Months Ended
	December 31,
	2021		2020
Numerator:
Net income	$	7,804	$	1,814
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,749		12,498
Effect of dilutive securities:
Stock options and restricted stock	1,546		947
Denominator for diluted net income per share - weighted-average outstanding shares	14,295		13,445

Net income per share - basic	$	0.61	$	0.15
Net income per share - diluted	$	0.55	$	0.13