Net Income Per Share Data

6 Months Ended

Mar. 31, 2021

13. 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 and non-vested stock relating to restricted stock awards and restricted stock units.

The following table sets forth the calculation of diluted weighted average shares outstanding:

	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2021		2020		2021		2020
Basic weighted average shares outstanding		13,746		13,507		13,699		13,474
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		235		244		216		305
Diluted weighted average shares outstanding		13,981		13,751		13,915		13,779

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase less than 0.1 million shares of common stock for both the three months ended March 31, 2021 and 2020 and 0.1 million and less than 0.1 million shares of common stock for the six months ended March 31, 2021 and 2020, respectively, as their inclusion would have had an antidilutive effect on diluted net income per share for the period.