Net Income (Loss) Per Share/Unit

9 Months Ended

Jun. 30, 2021

Net Income (Loss) Per Share/UnitNet income (loss) per share/unit is calculated using a retroactive application of the Exchange Ratio and the 1-for-12 reverse stock split. Certain restricted shares of the Company met the criteria of a participating security. The Company calculated net income or loss per share/unit using the two-class method.

The table below sets forth the computation of basic and diluted net income (loss) per share/unit for the three and nine months ended June 30, 2021 and 2020:


	Three Months Ended June 30,			Nine Months Ended June 30,
		2021		2020		2021		2020
		(In thousands, except per share/unit)
Continuing Operations:
Net income (loss) - Diluted		$	(20,534)	$	(27,984)	$	(61,747)	$	40,228
Less: Dividends on preferred units		—		(890)		(1,491)		(2,631)
Net income (loss) attributable to common shareholders/unitholders - Basic		$	(20,534)	$	(28,874)	$	(63,238)	$	37,597

Basic weighted-average common shares/units outstanding		17,786		12,469		14,872		12,454
Effecting of dilutive securities:
Series A preferred units		—		—		—		3,969
Restricted units		—		—		—		148
Diluted weighted-average common shares/units outstanding		17,786		12,469		14,872		16,571
Continuing Operations:
Basic net income (loss) per common share/unit		$	(1.15)	$	(2.32)	$	(4.25)	$	3.02
Diluted net income (loss) per common unit		$	(1.15)	$	(2.32)	$	(4.25)	$	2.43

For the three and nine months ended June 30, 2021 and 2020, the following shares/units were excluded from the calculation of diluted net income (loss) per share/unit due to their anti-dilutive effect:


	Three Months Ended June 30,		Nine Months Ended June 30,
	2021	2020	2021	2020
	(In thousands)
Series A preferred units	—	4,029	—	—
Restricted units	—	205	—	57
Restricted shares	236	—	236	—