EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2017

3. 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.


	For Fiscal Years
	2017		2016
	Basic		Basic
Weighted average common shares outstanding		679,478		621,435
Net income	$	2,949,576	$	5,980,673
Deduct: convertible preferred stock dividends		—		(160,360)
Net income available to common shareholders	$	2,949,576	$	5,820,313
Net earnings per share available to common shareholders	$	4.34	$	9.37


	For Fiscal Years
	2017		2016
	Diluted		Diluted
Weighted average common shares outstanding		679,478		621,435
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock(1)		12,705		92,462
Weighted average number of shares outstanding		692,183		713,897
Net income	$	2,949,576	$	5,980,673
Deduct: convertible preferred stock dividends (2)		—		—
Net income available to common shareholders	$	2,949,576	$	5,980,673
Net earnings per share available to common shareholders	$	4.26	$	8.38

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