NET LOSS PER SHARE

6 Months Ended

Mar. 31, 2022

NET LOSS PER SHARE

NET LOSS PER SHARE

3.          NET LOSS PER SHARE

The Company computes basic income (loss) per share using the weighted average number of common shares outstanding. The Company computes diluted earnings per share using the if-converted method for preferred shares and convertible debt, if any, and the treasury stock method for stock options and restricted stock units. Shares issuable upon exercise of 1,695,070 options and shares issuable upon vesting of 682,357 restricted stock units were not considered in computing diluted income (loss) per share for the three and six months ended March 31, 2022 because they were anti-dilutive. Additionally, there are 3,040,268 shares of common stock issuable upon conversion in connection with the convertible debt entered into on September 27, 2021. The Company computes diluted earnings per share using the if-converted method for the shares issuable in connection with the convertible debt. These shares were not considered in computing diluted (loss) per share for the three and six months ended March 31, 2022 because they were anti-dilutive. Shares issuable upon the exercise of 671 options and seven common shares issuable upon conversion of preferred shares were not considered in computing diluted income (loss) per share for the three and six months ended March 31, 2021 because they were anti-dilutive.

The following table reconciles the computation of basic net loss per share to diluted net loss per share:

	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Basic and diluted net (loss) per share:
Net loss applicable to common shareholders	$	(6,087)	$	(723)	$	(89,134)	$	(1,089)
Weighted average common shares outstanding (in thousands)
Basic and diluted		25,315		11,151		23,197		11,083
Basic and diluted net loss per share	$	(0.24)	$	(0.06)	$	(3.84)	$	(0.10)