EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

5. 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 the three months ended December
	2017				2016
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		687,679		687,679		681,668		681,668
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		8,271		—		7,008
Weighted average number of shares outstanding		687,679		695,950		681,668		688,676
Net income available to common shareholders	$	1,480,091	$	1,480,091	$	1,046,464	$	1,046,464
Net earnings per share available to common shareholders	$	2.15	$	2.13	$	1.54	$	1.52

(1) Diluted earnings per share calculation includes all stock options and restricted stock units deemed to be dilutive.