Net Income Per Share Data

6 Months Ended

Mar. 31, 2017

12. Net Income Per Share Data

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

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

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Net income available to common shareholders	$	506	$	821	$	2,806	$	3,474
Basic weighted average shares outstanding		13,220		12,969		13,207		12,956
Dilutive effect of outstanding stock options, non-vested restricted stock, restricted stock units, deferred stock units and performance shares		208		221		208		231
Diluted weighted average shares outstanding		13,428		13,190		13,415		13,187

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase 0.5 million and 0.9 million shares of common stock for the three months ended March 31, 2017 and 2016, respectively, and $0.3 million and 0.8 million for the six months ended March 31, 2017 and 2016, respectively as their inclusion would have had an antidilutive effect on diluted net income per share.

The Company’s Board of Directors has authorized the repurchase of up to $30.0 million of the Company’s outstanding common stock. This authorization does not have an expiration date.