Earnings Per Share

12 Months Ended

Sep. 30, 2023

11.

Earnings Per Share

Calculations of net (loss) income per common share were as follows (in thousands, except per share data):


	Year Ended September 30,
	2023			2022			2021
Net (loss)/income	$	(120,116	)	$	(182,678	)	$	16,588
Basic weighted average common shares outstanding		39,465			36,133			35,713
Add: Incremental shares for:
Dilutive effect of warrants		—			—			2,543
Dilutive effect of restricted stock		—			—			587
Diluted weighted average common shares outstanding		39,465			36,133			38,843
Net (loss)/income per common share attributable to Mesa Air Group:
Basic	$	(3.04	)	$	(5.06	)	$	0.46
Diluted	$	(3.04	)	$	(5.06	)	$	0.43

Basic (loss) income per common share is computed by dividing net (loss) income attributable to Mesa Air Group by the weighted average number of common shares outstanding during the period.

The number of incremental shares from the assumed issuance of shares relating to restricted stock and exercise of warrants (excluding warrants with a nominal conversion price) is calculated by applying the treasury stock method. Share-based awards and warrants whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net (loss) income per share calculation. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of unvested restricted stock and warrants would have an anti-dilutive effect.

The following number of weighted-average potentially dilutive shares (in thousands) were excluded from the calculation of diluted net (loss) income per share because the effect of including such potentially dilutive shares would have been anti-dilutive:


	Year Ended September 30,
	2023		2022		2021
Warrants		—		758
Restricted stock		—		106
		—		864		—