Earnings Per Share

9 Months Ended

Jun. 30, 2021

We compute basic earnings per share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share includes the weighted average of additional shares associated with the incremental effect of dilutive restricted stock and restricted stock units, as prescribed by the FASB guidance on earnings per share.

The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands, except per share data):


	Three months ended June 30,				Nine months ended June 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(2,041)	$	3,481	$	(2,629)	$	13,677
Denominator:
Weighted average basic shares	11,720		11,631		11,700		11,622
Dilutive effect of restricted stock units	—		67		—		64
Weighted average diluted shares	11,720		11,698		11,700		11,686
Earnings (loss) per share:
Basic	$	(0.17)	$	0.30	$	(0.22)	$	1.18
Diluted	$	(0.17)	$	0.30	$	(0.22)	$	1.17

For the three and nine months ended June 30, 2021, we incurred a net loss and therefore all potential common shares were deemed to be anti-dilutive.