Income Per Share Data

6 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Income Per Share Data

13. Income Per Share Data

Basic income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted income per common share is computed by dividing income by the weighted average number of common and common equivalent shares outstanding during the period. The Company’s only potentially dilutive common shares are those that result from dilutive common stock options, non-vested stock relating to restricted stock awards, restricted stock units and performance shares.

The following table sets forth the denominator for the computation of basic and diluted income per share (in thousands):

	Three months ended March 31,				Six months ended March 31,
	2014		2013		2014		2013
Net income from continuing operations available to common shareholders	$	2,459	$	3,420	$	6,089	$	7,668
Basic weighted average shares outstanding		13,538		14,622		13,658		14,639
Dilutive effect of outstanding stock options, non-vested restricted stock, restricted stock units and performance shares		286		292		267		232
Diluted weighted average shares outstanding		13,824		14,914		13,925		14,871

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase 0.2 million and 0.3 million shares of common stock for the three months ended March 31, 2014 and 2013, respectively, and 0.4 million and 0.5 million for the six months ended March 31, 2014 and 2013, respectively, as their inclusion would have had an antidilutive effect on diluted income per share.

During the first six months of fiscal 2014, the Company repurchased 485,577 shares of common stock for a total of $11.5 million under the then-existing share repurchase authorization of the Board. The entire authorized amount has been used as of March 31, 2014.