Net Income Per Common Share
Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2025, 2024 and 2023, is as follows (dollars in thousands, except per share amounts):
 202520242023
Basic net income per common share computation   
Numerator - net income $29,161 $24,283 $27,118 
  Denominator - weighted average common shares outstanding7,917,193 8,038,674 8,175,898 
Basic net income per common share$3.68 $3.02 $3.32 
Diluted net income per common share computation   
Numerator - net income $29,161 $24,283 $27,118 
  Denominator - weighted average common shares outstanding7,917,193 8,038,674 8,175,898 
Effect of dilutive stock options (1)35,433 41,708 72,283 
  Weighted average common shares outstanding-assuming dilution7,952,626 8,080,382 8,248,181 
Diluted net income per common share$3.67 $3.01 $3.29 
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(1) For the years ended September 30, 2025, 2024 and 2023, average options to purchase 90,042, 225,047 and 207,803 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive.

Historical Timeline

Fiscal YearFiled
2025Dec 9, 2025Showing above
2024Dec 11, 2024
2023Dec 11, 2023
2022Dec 9, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.