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 equity awards.


	For the three months ended June
	2019				2018
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		592,768		592,768		651,170		651,170
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		13,510		—		13,518
Weighted average number of shares outstanding		592,768		606,278		651,170		664,688
Net income available to common shareholders	$	665,679	$	665,679	$	785,050	$	785,050

Net earnings per share available to common shareholders	$	1.12	$	1.10	$	1.21	$	1.18

(1)

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


	For the nine months ended June
	2019				2018
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		607,505		607,505		676,103		676,103
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock and conversion of preferred stock (1)		—		10,382		—		10,473
Weighted average number of shares outstanding		607,505		617,887		676,103		686,576
Net income available to common shareholders	$	3,434,215	$	3,434,215	$	2,604,040	$	2,604,040

Net earnings per share available to common shareholders	$	5.65	$	5.56	$	3.85	$	3.79

(1)

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