| EARNINGS PER SHARE |
6. 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.
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For the three months ended June
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2015
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2014
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Basic
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Diluted
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Basic
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Diluted
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Weighted average common shares outstanding
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615,822
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615,822
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605,319
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605,319
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Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)
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—
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125,361
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—
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124,659
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Weighted average number of shares outstanding
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615,822
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741,183
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605,319
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729,978
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Net income
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$
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1,996,224
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$
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1,996,224
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$
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1,260,432
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$
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1,260,432
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Deduct: convertible preferred stock dividends (2)
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(48,643
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)
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—
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(48,643
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)
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—
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Net income available to common shareholders
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$
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1,947,581
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$
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1,996,224
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$
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1,211,789
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$
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1,260,432
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Net earnings per share available to common shareholders
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$
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3.16
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$
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2.69
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$
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2.00
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$
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1.73
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(1)
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Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock deemed to be dilutive.
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(2)
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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.
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For the nine months ended June
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2015
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2014
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Basic
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Diluted
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Basic
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Diluted
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Weighted average common shares outstanding
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614,723
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|
614,723
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|
613,032
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613,032
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Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)
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—
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122,602
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—
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123,499
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Weighted average number of shares outstanding
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614,723
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737,325
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613,032
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736,531
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Net income
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$
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4,311,587
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$
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4,311,587
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$
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3,079,713
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$
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3,079,713
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Deduct: convertible preferred stock dividends (2)
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(145,928
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)
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—
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(145,928
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)
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—
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Net income available to common shareholders
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$
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4,165,659
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$
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4,311,587
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$
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2,933,785
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$
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3,079,713
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Net earnings per share available to common shareholders
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$
|
6.78
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$
|
5.85
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$
|
4.79
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$
|
4.18
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(1)
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Diluted earnings per share calculation includes all stock options, convertible preferred stock, and restricted stock units deemed to be dilutive.
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(2)
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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.
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