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Earnings (Loss) Per Common Share
 12 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share

16. Earnings (Loss) Per Common Share

The Company applies the two-class method in calculating per share data.  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,

 

 

 

2016

 

 

2015

 

 

2014

 

Net income (loss)

 

$

(45,970

)

 

$

(32,641

)

 

$

36,911

 

Less: Income allocable to unvested restricted stock

 

 

—

 

 

 

—

 

 

 

(444

)

Income (loss) available to common shareholders

 

 

(45,970

)

 

 

(32,641

)

 

 

36,467

 

Reallocation of participating earnings

 

 

—

 

 

 

—

 

 

 

2

 

Income (loss) attributable to common shareholders

   for diluted earnings per share

 

$

(45,970

)

 

$

(32,641

)

 

 

36,469

 

Weighted average number of common share equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares used in basic earnings (loss) per share

 

 

13,044,875

 

 

 

12,996,958

 

 

 

12,950,958

 

Common share equivalents outstanding related to

   stock options

 

 

—

 

 

 

—

 

 

 

46,051

 

Total weighted average common shares and common share

   equivalents used in diluted earnings per share

 

 

13,044,875

 

 

 

12,996,958

 

 

 

12,997,009

 

Earnings (loss) per shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(3.52

)

 

$

(2.51

)

 

$

2.82

 

Diluted

 

$

(3.52

)

 

$

(2.51

)

 

$

2.81

 

 

For the calculation of diluted earnings per share for fiscal years 2016 and 2015, 159,000 and 89,700 stock options, respectively, 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 year 2014.