EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 15 − EARNINGS PER SHARE

Basic earnings 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 per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares.  Potential common shares, consisting primarily of stock options, warrants and director deferred shares, are calculated using the treasury stock method.

Due to the losses for the periods presented, stock options and warrants outstanding were antidilutive and, therefore, excluded from the Diluted EPS computation.  Excluded from the Diluted EPS calculation for the three months ended June 30, 2011 and 2010 were outstanding options to purchase 1.0 million and 1.4 million shares of common stock at a weighted average exercise price of $16.27 and $13.02, respectively, as well as outstanding warrants to purchase 3.7 million shares of common stock at an average exercise price of $5.11.  Additionally, excluded from the calculation of Diluted EPS for the three months ended June 30, 2010 were 69,300 shares of unvested restricted stock at a fair value of $16.42 per share outstanding that did not have dividend rights; these restricted shares fully vested and were issued during fiscal 2011.