EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE

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.

	For the three months ended June
	2015					2014
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	615,822			615,822		605,319			605,319
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			125,361		—			124,659
Weighted average number of shares outstanding	615,822			741,183		605,319			729,978
Net income	$	1,996,224		$	1,996,224	$	1,260,432		$	1,260,432
Deduct: convertible preferred stock dividends (2)	(48,643		)	—		(48,643		)	—
Net income available to common shareholders	$	1,947,581		$	1,996,224	$	1,211,789		$	1,260,432
Net earnings per share available to common shareholders	$	3.16		$	2.69	$	2.00		$	1.73

(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
	2015					2014
	Basic			Diluted		Basic			Diluted
Weighted average common shares outstanding	614,723			614,723		613,032			613,032
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)	—			122,602		—			123,499
Weighted average number of shares outstanding	614,723			737,325		613,032			736,531
Net income	$	4,311,587		$	4,311,587	$	3,079,713		$	3,079,713
Deduct: convertible preferred stock dividends (2)	(145,928		)	—		(145,928		)	—
Net income available to common shareholders	$	4,165,659		$	4,311,587	$	2,933,785		$	3,079,713
Net earnings per share available to common shareholders	$	6.78		$	5.85	$	4.79		$	4.18

(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.