EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

7. 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.

	For the three months ended December
	2011					2010
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	619,910			619,910		578,636			578,636
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			164,084		—			180,056
Weighted average number of shares outstanding	619,910			783,994		578,636			758,692
Income from continuing operations	$	1,438,335		$	1,438,335	$	1,832,066		$	1,832,066
Deduct: convertible preferred stock dividends (2)	(67,641		)	—		(74,867		)	—
Net income available to common shareholders	$	1,370,694		$	1,438,335	$	1,757,199		$	1,832,066
Net earnings per share available to common shareholders	$	2.21		$	1.83	$	3.04		$	2.41

(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 dividends for convertible preferred stock deemed to be dilutive, as those amounts are assumed to have been converted to common stock of the Company.