Note 16 - Income (Loss) Per Common Share

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

16. Income (Loss) Per Common Share

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares used in basic earnings (loss) per share during the period. Diluted earnings (loss) per share is determined on the assumption that outstanding RSUs have been exchanged for common stock and outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period.

The following table summarizes the calculation of net income (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 amounts):

	YEAR ENDED SEPTEMBER 30,
	2023		2022
Net income (loss)	$	12,206	$	(22,856	)
Less: Income allocable to unvested restricted stock		—		—
Income (loss) attributable to common shareholders for diluted earnings (loss) per share	$	12,206	$	(22,856	)
Weighted average number of common share equivalents:
Common shares used in basic earnings (loss) per share		13,146,085		12,987,996
Common share equivalents outstanding related to RSUs		68,981		—
Total weighted average common shares and common share equivalents used in diluted earnings (loss) per share		13,215,066		12,987,996
Earnings (loss) per share:
Basic	$	0.93	$	(1.76	)
Diluted	$	0.92	$	(1.76	)

For the calculation of diluted earnings (loss) per share for fiscal years 2023 and 2022, RSUs of 308,568 and 323,859, respectively, were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.