Earnings Per Share

6 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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 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 income per share by applying the treasury stock method.

The dilutive effect of the Notes (as defined in Note 14) is reflected in net 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 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:

	Three Months Ended March 31,					Six Months Ended March 31,
in thousands, except per share data	2022			2021		2022		2021
Numerator:
Net (loss) income - basic and diluted	$	(476	)	$	11,163	$	18,568	$	32,104
Interest on Convertible Senior Notes, net of tax		-			-		-		3,614
Net (loss) income - diluted	$	(476	)	$	11,163	$	18,568	$	35,718
Denominator:
Weighted average common shares outstanding - basic		39,189			37,743		39,013		37,583
Dilutive effect of restricted stock awards		-			1,434		573		1,470
Dilutive effect of the Convertible Senior Notes		-			-		-		4,677
Weighted average common shares outstanding - diluted		39,189			39,177		39,586		43,730
Net (loss) income per common share:
Basic	$	(0.01	)	$	0.30	$	0.48	$	0.85
Diluted	$	(0.01	)	$	0.28	$	0.47	$	0.82

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 and six months ended March 31, 2022 and 2021.

	Three Months Ended March 31,				Six Months Ended March 31,
in thousands	2022		2021		2022		2021
Restricted stock unit awards		292		-		-		-
Conversion option of our Convertible Senior Notes		4,677		4,677		4,677		-