Earnings Per Share

12 Months Ended

Sep. 30, 2023

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 the respective conversion

ratio as further described in Note 17. 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	2023			2022			2021
Numerator:
Net (loss) income	$	(56,254	)	$	(310,826	)	$	45,893

Denominator:
Weighted average common shares outstanding - basic		40,215			39,187			37,752
Dilutive effect of restricted stock awards		-			-			1,405
Dilutive effect of contingently issuable stock awards		-			-			132
Weighted average common shares outstanding - diluted		40,215			39,187			39,289

Net (loss) income per common share:
Basic	$	(1.40	)	$	(7.93	)	$	1.22
Diluted	$	(1.40	)	$	(7.93	)	$	1.17

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, 2023, 2022 and 2021:


	Year Ended September 30,
in thousands	2023		2022		2021
Restricted stock awards		273		227		-
Contingently issuable stock awards		150		8		-
Conversion option of our Notes		5,402		4,677		4,677