Note 12 - Earnings (Loss) Per Common Share

9 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings (Loss) Per Common Share

The following table summarizes the calculation of net earnings (loss) and weighted average common shares and common equivalent shares outstanding for purposes of the computation of earnings (loss) per share (in thousands, except share and per share data):

	Three Months Ended					Nine Months Ended
	June 30, 2023		June 30, 2022			June 30, 2023		June 30, 2022
Net income (loss)	$	3,228	$	(6,574	)	$	7,768	$	(14,816	)
Less: Income allocable to unvested restricted stock		—		—			—		—
Income (loss) attributable to common shareholders for diluted earnings (loss) per share	$	3,228	$	(6,574	)	$	7,768	$	(14,816	)
Weighted average number of common share equivalents:
Common shares used in basic earnings (loss) per share		13,171,654		13,013,616			13,131,795		12,977,146
Common share equivalents outstanding related to RSUs		149,227		—			26,124		—
Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share		13,320,881		13,013,616			13,157,919		12,977,146
Earnings (loss) per share:
Basic	$	0.25	$	(0.51	)	$	0.59	$	(1.14	)
Diluted	$	0.24	$	(0.51	)	$	0.59	$	(1.14	)

           For the calculation of diluted earnings per share for the three and nine months ended June 30, 2023, there were 230,322 and 364,188 non-vested RSUs, respectively, excluded from the calculation of weighted average shares outstanding since their impact on diluted earnings per share were antidilutive.  For the calculation of diluted loss per share for each of the three and nine months ended June 30, 2022, there were 353,425 non-vested RSUs excluded from the calculation of weighted average shares outstanding since their impact on diluted loss per share was antidilutive.