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EARNINGS PER SHARE (Tables)
 3 Months Ended
Dec. 31, 2015
EARNINGS PER SHARE  
Schedule of net earnings per share available to common shareholders

 

 

 

 

For the three months ended December

 

 

 

2015

 

2014

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Weighted average common shares outstanding

 
625,356

 
625,356

 
612,560

 
612,560

 

Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)

 

—

 
108,128

 

—

 
121,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 
625,356

 
733,484

 
612,560

 
734,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
1,355,622

 

$
1,355,622

 

$
1,546,030

 

$
1,546,030

 

Deduct: convertible preferred stock dividends (2)

 
(49,177

)

—

 
(49,177

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$
1,306,445

 

$
1,355,622

 

$
1,496,853

 

$
1,546,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share available to common shareholders

 

$
2.09

 

$
1.85

 

$
2.44

 

$
2.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.