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Equity
 9 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Equity Equity
Equity Plans

We provide long-term incentives to eligible officers, directors, and employees in the form of equity-based awards. We maintain three equity incentive compensation plans, collectively described as our “Equity Plans”: (a) the 2010 Equity Incentive Plan, (b) the 2012 Equity Incentive Plan, and (c) the 2019 Equity Incentive Plan.

We issue new shares of common stock to satisfy awards granted under our Equity Plans. In March 2022, our shareholders approved the Amended and Restated EMCORE Corporation 2019 Equity Incentive Plan, which was adopted by the Company’s Board of Directors in December 2021, and increased the maximum number of shares of the Company’s common stock that may be issued or transferred pursuant to awards under the 2019 Equity Incentive Plan by an additional 1.9 million shares.

Stock-Based Compensation

The following table sets forth stock-based compensation expense by award type:
For the Three Months Ended June 30,For the Nine Months Ended June 30,
(in thousands)2022202120222021
Employee stock options$— $1 $— $3 
RSUs and RSAs692 573 1,795 1,505 
PSUs and PRSAs708 403 1,602 989 
ESPP— 85 — 258 
Outside director equity awards and fees in common stock123 114 358 255 
Total stock-based compensation expense$1,523 $1,176 $3,755 $3,010 

The following table sets forth stock-based compensation expense by expense type:
For the Three Months Ended June 30,For the Nine Months Ended June 30,
(in thousands)2022202120222021
Cost of revenue$275 $220 $604 $564 
Selling, general, and administrative1,001 752 2,537 1,830 
Research and development247 204 614 616 
Total stock-based compensation expense$1,523 $1,176 $3,755 $3,010 

(Loss) Income Per Share

The following table sets forth the computation of basic and diluted net (loss) income per share:
For the Three Months Ended June 30,For the Nine Months Ended June 30,
(in thousands, except per share data)2022202120222021
Numerator
Net (loss) income$(7,649)$13,615 $(7,460)$20,568 
Denominator
Weighted average number of shares outstanding - basic37,425 36,768 37,197 33,069 
Effect of dilutive securities
Stock options— 10 — 5 
PSUs, RSUs, and restricted stock— 2,115 — 1,703 
Weighted average number of shares outstanding - diluted37,425 38,893 37,197 34,777 
Earnings per share - basic$(0.20)$0.37 $(0.20)$0.62 
Earnings per share - diluted$(0.20)$0.35 $(0.20)$0.59 
Weighted average antidilutive options, unvested restricted RSUs and RSAs, unvested PSUs and ESPP shares excluded from the computation3,163 2,138 1,315 1,947 

Basic earnings per share ("EPS") is computed by dividing net (loss) income for the period by the weighted-average number of common stock outstanding during the period. Diluted EPS is computed by dividing net (loss) income for the period by the weighted average number of common stock outstanding during the period, plus the dilutive effect of outstanding restricted stock units ("RSUs") and restricted stock awards ("RSAs"), performance stock units ("PSUs"), stock options, and shares issuable under the employee stock purchase plan ("ESPP") as applicable pursuant to the treasury stock method. Certain of the Company's outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future. The anti-dilutive stock options and shares of outstanding and unvested restricted stock were excluded from the computation of earnings per share for the three and nine months ended June 30, 2022 due to the Company incurring a net loss for such periods.

Future Issuances

Common stock reserved for future issuances was as follows:
As of
June 30, 2022
Exercise of outstanding stock options13,884 
Unvested RSUs and RSAs2,587,302 
Unvested PSUs and PRSAs (at 200% maximum payout)
3,618,106 
Issuance of stock-based awards under the Equity Plans341,304 
Purchases under the officer and director share purchase plan88,741 
Total reserved6,649,337