EARNINGS (LOSS) PER SHARE

6 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“Basic EPS”) is computed using the weighted average number of common shares outstanding during the period, inclusive of nonvested share-based awards that are entitled to receive non-forfeitable dividends.  The diluted earnings (loss) per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares.  Potential common shares, consisting primarily of outstanding stock options, warrants and director deferred shares, are calculated using the treasury stock method.

The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):

	Three Months Ended
	March 31, 2013
Shares
Basic shares outstanding	20,124
Dilutive effect of outstanding stock options, warrants and director units	1,691
Dilutive shares outstanding	21,815

 For periods with reported net losses, the Basic EPS and Diluted EPS shares were the same because of the antidilutive impact of potentially dilutive securities.  Accordingly, the following securities were excluded from the Diluted EPS computation as of March 31, 2013 and 2012: outstanding options to purchase 955,000 and 1.0 million shares of common stock, respectively, (at weighted average exercise prices per share of $16.88 and $16.27, respectively) and warrants to purchase 3,690,000 shares of common stock (exercise price per share of $5.10).