Earnings Per Share

9 Months Ended

Jun. 30, 2023

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.

Earnings per share information is presented in the table below for the three and nine months ended June 30, 2023 and 2022 as follows (in thousands except for per share amounts):


	(In thousands)
	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	1,738	$	4,864	$	4,090	$	19,846
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	13,854		12,812		13,638		12,779
Effect of dilutive securities:
Stock options and restricted stock	685		1,423		783		1,426
Denominator for diluted net income per share - weighted-average outstanding shares	14,539		14,235		14,421		14,205

Net income per share - basic	$	0.13	$	0.38	$	0.30	$	1.55
Net income per share - diluted	$	0.12	$	0.34	$	0.28	$	1.40