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Earnings Per Share
 9 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. In the case of a net loss, diluted earnings per share is calculated in the same manner as basic EPS.
 
For the three and nine months ended June 30, 2019, options for 819,000 and 1,062,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. For the three and nine months ended June 30, 2018, options for 679,000 and 428,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. These shares could become dilutive in the future.

A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts):

 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
893

 
$
4,979

 
$
2,153

 
$
7,741

Net income (loss) from discontinued operations
$
1,154

 
$
(8
)
 
$
(8,113
)
 
$
6,517

Net income (loss)
$
2,047

 
$
4,971

 
$
(5,960
)
 
$
14,258

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted-average shares used to compute basic EPS
14,245

 
14,925

 
14,231

 
14,867

Common stock equivalents (1)
71

 
166

 
36

 
314

Weighted-average shares used to compute diluted EPS
14,316

 
15,091

 
14,267

 
15,181

 
 
 
 
 
 
 
 
Basic income per share from continuing operations
$
0.06

 
$
0.33

 
$
0.15

 
$
0.52

Basic income (loss) per share from discontinued operations
$
0.08

 
$
0.00

 
$
(0.57
)
 
$
0.44

Net income (loss) per basic share
$
0.14

 
$
0.33

 
$
(0.42
)
 
$
0.96

 
 
 
 
 
 
 
 
Diluted income per share from continuing operations
$
0.06

 
$
0.33

 
$
0.15

 
$
0.51

Diluted income (loss) per share from discontinued operations
$
0.08

 
$
0.00

 
$
(0.57
)
 
$
0.43

Net income (loss) per diluted share
$
0.14

 
$
0.33

 
$
(0.42
)
 
$
0.94


(1) The number of common stock equivalents is calculated using the treasury method and the average market price during the period.