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Earnings (Loss) Per Common Share
 12 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share

16. Earnings (Loss) Per Common Share

In connection with the issuances of restricted stock during fiscal years 2015 and 2014, the Company applied the two-class method in calculating per share data for the fiscal years ended September 30, 2015 and 2014.  Basic earnings (loss) per share is computed by dividing net earnings (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 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 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 amounts):

 

 

YEAR ENDED SEPTEMBER 30,

 

 

2015

 

  

2014

 

  

2013

 

Net income (loss)

$

(32,641)

  

  

$

36,911

  

  

$

69,557

  

Less:  Income allocable to unvested restricted stock

 

—

 

 

 

(444)

 

 

 

—

 

Income (loss) available to common shareholders…………………………………...

 

(32,641)

 

 

 

36,467

 

 

 

69,557

 

Reallocation of participating earnings

 

—

 

 

 

2

 

 

 

—

 

Income (loss) attributable to common shareholders for diluted earnings per share

$

(32,641)

 

 

$

36,469

 

 

$

69,557

 

Weighted average number of common share equivalents:…………………..

 

 

 

  

 

 

 

  

 

 

 

Common shares used in basic earnings (loss) per share

 

12,996,958

  

  

 

12,950,958

  

  

 

12,886,372

  

Common share equivalents outstanding related to stock options

 

—

  

  

 

46,051

  

  

 

52,289

  

Total weighted average common shares and common share equivalents used in diluted earnings per share

 

12,996,958

  

  

 

12,997,009

  

  

 

12,938,661

  

Earnings (loss) per share:

 

 

 

  

 

 

 

  

 

 

 

Basic

$

(2.51)

  

  

$

2.82

  

  

$

5.40

  

Diluted

$

(2.51)

  

  

$

2.81

  

  

$

5.38

  

For the calculation of diluted earnings per share for fiscal year 2015, 89,700 stock options were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive.  No stock options were excluded in the calculation of weighted average shares outstanding for fiscal years 2014 and 2013.