Earnings Per Share

3 Months Ended

Dec. 31, 2024

Note 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 14) 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 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) income per share:


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

Numerator:
Net (loss) income - basic	$	(24,288	)	$	23,857
Interest on the Notes, net of tax		-			2,250
Net (loss) income - diluted	$	(24,288	)	$	26,107

Denominator:
Weighted average common shares outstanding - basic		42,897			41,186
Dilutive effect of contingently issuable stock awards		-			574
Dilutive effect of the Notes		-			7,495
Weighted average common shares outstanding - diluted		42,897			49,255

Net (loss) income per common share:
Basic	$	(0.57	)	$	0.58
Diluted	$	(0.57	)	$	0.53

We exclude weighted-average potential shares from the calculations of diluted net (loss) income 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 months ended December 31, 2024 and 2023.


	Three Months Ended December 31,
in thousands	2024		2023
Contingently issuable stock awards		121		-
Conversion option of our Notes		7,431		-