Earnings Per Share

6 Months Ended

Mar. 31, 2023

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.

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 March 31,				Six months ended March 31,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	8,473	$	(1,217)	$	9,636	$	(4,063)
Denominator:
Weighted average basic shares	11,878		11,801		11,869		11,783
Dilutive effect of restricted stock units	271		—		240		—
Weighted average diluted shares	12,149		11,801		12,109		11,783
Earnings (loss) per share:
Basic	$	0.71	$	(0.10)	$	0.81	$	(0.34)
Diluted	$	0.70	$	(0.10)	$	0.80	$	(0.34)

For each of the three and six months ended March 31, 2022, we incurred net losses and therefore all potential common shares were deemed to be anti-dilutive.