EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2014

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 net income 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 March
	2014					2013
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	611,432			611,432		623,115			623,115
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			126,029		—			120,080
Weighted average number of shares outstanding	611,432			737,461		623,115			743,195
Net income	$	531,285		$	531,285	$	1,213,894		$	1,213,894
Deduct: convertible preferred stock dividends (2)	(48,108		)	—		(48,108		)	—
Net income available to common shareholders	$	483,177		$	531,285	$	1,165,786		$	1,213,894
Net earnings per share available to common shareholders	$	0.79		$	0.72	$	1.87		$	1.63

(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 six months ended March
	2014					2013
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	616,888			616,888		622,692			622,692
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			122,335		—			132,189
Weighted average number of shares outstanding	616,888			739,223		622,692			754,881
Net income	$	1,819,281		$	1,819,281	$	2,676,646		$	2,676,646
Deduct: convertible preferred stock dividends (2)	(97,285		)	—		(107,399		)	—
Net income available to common shareholders	$	1,721,996		$	1,819,281	$	2,569,247		$	2,676,646
Net earnings per share available to common shareholders	$	2.79		$	2.46	$	4.13		$	3.55

(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.