Loss Per Common Share

12 Months Ended

Sep. 30, 2017

15. Loss Per Common Share

The Company applies the two-class method in calculating per share data. Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares used in basic loss per share during the period. Diluted 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 loss and weighted average common shares and common equivalent shares outstanding for purposes of the computation of loss per share (in thousands, except share and per share amounts):

	YEAR ENDED SEPTEMBER 30,
	2017			2016			2015
Net loss	$	(56,791	)	$	(45,970	)	$	(32,641	)
Less: Income allocable to unvested restricted stock		—			—			—
Loss available to common shareholders		(56,791	)		(45,970	)		(32,641	)
Reallocation of participating earnings		—			—			—
Loss attributable to common shareholders for diluted earnings per share	$	(56,791	)	$	(45,970	)	$	(32,641	)
Weighted average number of common share equivalents:
Common shares used in basic loss per share		13,134,071			13,044,875			12,996,958
Common share equivalents outstanding related to stock options		—			—			—
Total weighted average common shares and common share equivalents used in diluted loss per share		13,134,071			13,044,875			12,996,958
Loss per shares:
Basic	$	(4.32	)	$	(3.52	)	$	(2.51	)
Diluted	$	(4.32	)	$	(3.52	)	$	(2.51	)

For the calculation of diluted loss per share for fiscal years 2017 and 2016, 201,800 and 159,000 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 2015.