EARNINGS PER SHARE:

12 Months Ended

Sep. 30, 2015

4. EARNINGS PER SHARE:

Basic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive options, using the treasury stock method.

Shares of common stock underlying outstanding stock options and restricted stock unit awards at September 2015 and September 2014 which were anti- dilutive were not included in the computations of diluted earnings per share. There were no anti-dilutive awards at September 2015 and 2014.

	For Fiscal Years
	2015 Basic			2014 Basic
Weighted average common shares outstanding		619,295			610,392


Net income	$	6,361,278		$	4,959,528
Deduct: convertible preferred stock dividends		(195,105	)		(195,105	)

Net income available to common shareholders	$	6,166,173		$	4,764,423


Net earnings per share available to common shareholders	$	9.96		$	7.81

	2015 Diluted		2014 Diluted
Weighted average common shares outstanding		619,295		610,392
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock(1)		120,938		124,835

Weighted average number of shares outstanding		740,233		735,227


Net income	$	6,361,278	$	4,959,528
Deduct: convertible preferred stock dividends(2)		—		—

Net income available to common shareholders	$	6,361,278	$	4,959,528


Net earnings per share available to common shareholders	$	8.59	$	6.75


(1)	Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock units deemed to be dilutive.
(2)	Diluted earnings per share calculation excludes dividend payments for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.