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 June
	2018				2017
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		651,170		651,170		678,938		678,938
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		13,518		—		12,763
Weighted average number of shares outstanding		651,170		664,688		678,938		691,701
Net income available to common shareholders	$	785,050	$	785,050	$	385,049	$	385,049

Net earnings per share available to common shareholders	$	1.21	$	1.18	$	0.57	$	0.56

(1)

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


	For the nine months ended June
	2018				2017
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		676,103		676,103		679,858		679,858
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		10,473		—		10,982
Weighted average number of shares outstanding		676,103		686,576		679,858		690,840
Net income available to common shareholders	$	2,604,040	$	2,604,040	$	1,919,996	$	1,919,996

Net earnings per share available to common shareholders	$	3.85	$	3.79	$	2.82	$	2.78

(1)

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