Net Income (Loss) Per Share

6 Months Ended

Mar. 31, 2021

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Note 5 — Net Income (Loss) Per Share

Basic net income (loss) per share (EPS) is computed by dividing the net income (loss) attributable to Cubic for the period by the weighted average number of common shares outstanding during the period, including vested restricted stock units (RSUs).

In periods with a net income from continuing operations attributable to Cubic, diluted EPS is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of dilutive RSUs. Dilutive RSUs are calculated based on the average share price for each fiscal period using the treasury stock method. For RSUs with performance and market-based vesting, no common equivalent shares are included in the computation of diluted EPS until the performance criteria have been met, and once the criteria are met the dilutive RSUs are calculated using the treasury stock method, modified by the multiplier that is calculated at the end of the accounting period as if the vesting date was at the end of the accounting period.

In periods with a net loss from continuing operations attributable to Cubic, common equivalent shares are not included in the computation of diluted EPS, because to do so would be anti-dilutive.

The weighted-average number of shares outstanding used to compute net income (loss) per common share were as follows (in thousands):

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Weighted average shares - basic		31,633		31,296		31,598		31,284
Effect of dilutive securities		—		—		—		—
Weighted average shares - diluted		31,633		31,296		31,598		31,284
Number of anti-dilutive securities		1,236		1,246		1,174		1,099