Earnings Per Share

12 Months Ended

Sep. 30, 2022

4. Earnings Per Share

Basic earnings per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted net (loss) income per share by applying the treasury stock method.

The dilutive effect of the Notes (as defined in Note 17) is reflected in net (loss) income per share by application of the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. In applying the “if-converted” method for diluted net (loss) income per share, we would assume conversion of the Notes at a ratio of 26.7271 shares

of our common stock per $1,000 principal amount of the Notes. Assumed converted shares of our common stock are weighted for the period the Notes were outstanding.

The following table presents the reconciliation of the numerator and denominator for calculating net (loss) income per share:


	September 30,
in thousands, except per share data	2022			2021		2020
Numerator:
Net (loss) income	$	(310,826	)	$	45,893	$	(18,316	)

Denominator:
Weighted average common shares outstanding - basic		39,187			37,752		36,428
Dilutive effect of restricted stock awards		-			1,405		-
Dilutive effect of contingently issuable stock awards		-			132		-
Weighted average common shares outstanding - diluted		39,187			39,289		36,428

Net (loss) income per common share:
Basic	$	(7.93	)	$	1.22	$	(0.50	)
Diluted	$	(7.93	)	$	1.17	$	(0.50	)

We exclude weighted-average potentially issuable shares from the calculations of diluted net (loss) income per share during the applicable periods because their inclusion would have been anti-dilutive. The following table sets forth potential shares that were considered anti-dilutive for the fiscal years ended September 30, 2022, 2021 and 2020:


	Year Ended September 30,
in thousands	2022		2021		2020
Restricted stock awards		227		-		1,058
Contingently issuable stock awards		8		-		151
Conversion option of our Notes		4,677		4,677		1,538