Per Share Information

9 Months Ended

Jun. 30, 2015

4. PER SHARE INFORMATION

The following table reconciles the components of the basic and diluted earnings (loss) per share for the three and nine months ended June 30, 2015 and 2014:

	Three Months Ended June 30,
	2015		2014
Numerator:
Net earnings from continuing operations attributable to common shareholders	$	3,927	$	2,785
Net earnings from continuing operations attributable to restricted shareholders		35		10
Net earnings from continuing operations		3,962		2,795
Net loss from discontinued operations attributable to common shareholders		(5)		(122)
Net loss from discontinued operations		(5)		(122)
Net earnings attributable to common shareholders		3,922		2,663
Net earnings attributable to restricted shareholders		35		10
Net earnings	$	3,957	$	2,673

Denominator:
Weighted average common shares outstanding — basic		21,319,444		18,464,933
Effect of dilutive stock options and non-vested restricted stock		51,190		56,695
Weighted average common and common equivalent shares outstanding — diluted		21,370,634		18,521,628

Basic earnings (loss) per share:
From continuing operations	$	0.19	$	0.15
From discontinued operations		-		(0.01)
Basic earnings per share	$	0.19	$	0.14
Diluted earnings (loss) per share:
From continuing operations	$	0.19	$	0.15
From discontinued operations		-		(0.01)
Diluted earnings per share	$	0.19	$	0.14

	Nine Months Ended June 30,
	2015		2014
Numerator:
Net earnings from continuing operations attributable to common shareholders	$	9,258	$	3,490
Net earnings from continuing operations attributable to restricted shareholders		32		16
Net earnings from continuing operations		9,290		3,506
Net loss from discontinued operations attributable to common shareholders		(231)		(313)
Net loss from discontinued operations		(231)		(313)
Net earnings attributable to common shareholders		9,027		3,177
Net earnings attributable to restricted shareholders		32		16
Net earnings	$	9,059	$	3,193

Denominator:
Weighted average common shares outstanding — basic		21,542,289		18,450,935
Effect of dilutive stock options and non-vested restricted stock		47,148		59,049
Weighted average common and common equivalent shares outstanding — diluted		21,589,437		18,509,984

Basic earnings (loss) per share:
From continuing operations	$	0.43	$	0.19
From discontinued operations		(0.01)		(0.02)
Basic earnings per share	$	0.42	$	0.17
Diluted earnings (loss) per share:
From continuing operations	$	0.43	$	0.19
From discontinued operations		(0.01)		(0.02)
Diluted earnings per share	$	0.42	$	0.17

For the three and nine months ended June 30, 2014, zero and 150,000 stock options, respectively, were excluded from the computation of fully diluted earnings per share because the exercise prices of the options were greater than the average price of our common stock. For the three and nine months ended June 30, 2015, the average price of our common shares exceeded the exercise price of all of our outstanding options.

On August 7, 2014, we completed a rights offering of common stock to our stockholders at a subscription price that was lower than the market price of our common stock at closing of the offering. For information on the rights offering, please see “Note 11 – Stockholders Equity” in our Form 10-K. The rights offering was deemed to contain a bonus element that is similar to a stock dividend, requiring us to adjust the weighted average number of common shares used to calculate basic and diluted earnings per share in prior periods retrospectively by a factor of 1.0340. Basic and diluted weighted average shares for the three months ended June 30, 2014 prior to giving effect to the rights offering were 17,857,422 and 17,912,252, respectively. Basic and diluted weighted average shares for the nine months ended June 30, 2014 prior to giving effect to the rights offering were 17,843,885 and 17,900,991, respectively.