Earnings Per Share

6 Months Ended

Mar. 31, 2024

Note 4. Earnings Per Share

Basic earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net loss 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 per share by applying the treasury stock method.

The dilutive effect of the Notes (as defined in Note 14) is reflected in net loss 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 per share, we would assume conversion of the Notes at the respective conversion ratio as further described in Note 14. 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 per share:


	Three Months Ended March 31,						Six Months Ended March 31,
in thousands, except per share data	2024			2023			2024			2023

Numerator:
Net loss - basic and diluted	$	(277,976	)	$	(26,089	)	$	(254,119	)	$	(28,247	)

Denominator:
Weighted average common shares outstanding - basic and diluted		41,724			40,219			41,452			40,088

Net loss per common share:
Basic	$	(6.66	)	$	(0.65	)	$	(6.13	)	$	(0.70	)
Diluted	$	(6.66	)	$	(0.65	)	$	(6.13	)	$	(0.70	)

We exclude weighted-average potential shares from the calculations of diluted net loss per share during the applicable periods when their inclusion is anti-dilutive. The following table sets forth potential shares that were considered anti-dilutive during the three and six months ended March 31, 2024 and 2023.


	Three Months Ended March 31,				Six Months Ended March 31,
in thousands	2024		2023		2024		2023
Restricted stock unit awards		-		382		-		-
Contingently issuable stock awards		218		103		396		90
Conversion option of our Notes		7,495		4,677		7,495		4,677