EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

7. EARNINGS PER SHARE

Basic earnings per share available to common shareholders is calculated by dividing income from continuing operations 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 continuing 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. There were no anti-dilutive stock options or potential common stock options at either June 2011 or June 2010.

	For the three months ended June
	2011					2010
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	599,281			599,281		566,224			566,224
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			176,135		—			183,126
Weighted average number of shares outstanding	599,281			775,416		566,224			749,350
Income from operations	$	1,827,751		$	1,827,751	$	2,748,700		$	2,748,700
Deduct: convertible preferred stock dividends (2)	(70,649		)	—		(74,052		)	—
Net income available to common shareholders	1,757,102			1,827,751		2,674,648			2,748,700
Net earnings per share available to common shareholders	$	2.93		$	2.36	$	4.72		$	3.67

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

	For the nine months ended June
	2011					2010
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	589,084			589,084		563,505			563,505
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			180,786		—			183,530
Weighted average number of shares outstanding	589,084			769,870		563,505			747,035
Income from operations	$	5,244,493		$	5,244,493	$	6,269,261		$	6,269,261
Deduct: convertible preferred stock dividends (2)	(218,755		)	—		(222,158		)	—
	5,025,738			5,244,493		6,047,103			6,269,261
Net earnings per share available to common shareholders	$	8.53		$	6.81	$	10.73		$	8.39

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