EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

6. EARNINGS PER SHARE

Basic earnings per share available to common shareholders is calculated by dividing net income 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 by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.

	For the three months ended December
	2020				2019
	Basic		Diluted		Basic		Diluted
Weighted average common shares outstanding		548,125		548,125		562,578		562,578
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1)		—		3,934		—		5,216
Weighted average number of shares outstanding		548,125		552,059		562,578		567,794
Net income available to common shareholders	$	3,077,610	$	3,077,610	$	451,870	$	451,870
Net earnings per share available to common shareholders	$	5.61	$	5.57	$	0.80	$	0.80

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