EARNINGS PER SHARE

12 Months Ended

Sep. 30, 2022

Basic EPS (and diluted EPS in periods when a loss exists) was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock-based compensation. In August 2020, Griffon Corporation completed the Public Offering of 8,700,000 shares of our common stock at a price of $21.50 per share. Total proceeds, net of fees, were $178,165.

The following table is a reconciliation of the share amounts (in thousands) used in computing basic and diluted EPS for 2022, 2021 and 2020:


	2022	2021	2020
Common shares outstanding	57,064	56,613	56,130
Unallocated ESOP shares	(1,025)	(1,863)	(2,058)
Non-vested restricted stock	(3,457)	(3,601)	(3,556)
Impact of weighted average shares	(910)	(319)	(7,928)
Weighted average shares outstanding - basic	51,672	50,830	42,588
Incremental shares from stock based compensation	—	2,539	2,427

Weighted average shares outstanding - diluted	51,672	53,369	45,015

Anti-dilutive restricted stock excluded from diluted EPS computation	2,294	—	—

Shares of the ESOP that have been allocated to employee accounts are treated as outstanding in determining earnings per share.