16.	EARNINGS PER SHARE

Basic earnings per share (EPS) is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period, excluding the effects of unvested restricted stock awards that have a right to receive non-forfeitable dividends, which are considered participating securities as prescribed by the two-class method under ASC 260 “Earnings per Share”. In the first quarter of fiscal 2019, the amount of participating securities was not material and therefore, we did not exclude such securities in our EPS calculation. Diluted EPS is calculated in a similar manner, but the weighted-average number of common shares outstanding during the period is increased to include the weighted-average dilutive effect of “in-the-money” stock options and unvested restricted stock shares using the treasury stock method.

The standards of accounting for earnings per share require companies to provide a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations. Basic and diluted earnings per share were calculated as follows:

	Three Months Ended December 31,
	2018		2017
Numerator:
Net Income (Loss)	$	13,443	$	(3,083	)
Less: Loss attributable to participating securities		-		11
Earnings (loss) available to common shares	$	13,443	$	(3,072	)

Denominator:
Weighted average common shares		27,156,882		25,325,757
(Denominator for basic calculation)


Weighted average effect of dilutive securities		604,954		-
Diluted weighted average common shares		27,761,836		25,325,757
(Denominator for diluted calculation)

Earnings (loss) per share:

Basic	$	0.50	$	(0.12	)

Diluted	$	0.48	$	(0.12	)

For the three months ended December 31, 2018, approximately 0.2 million shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2017, all outstanding stock options were excluded from the calculation of diluted earnings per share as the dilutive shares in a net loss situation would be anti-dilutive.