Earnings per Share

6 Months Ended

Mar. 31, 2021

Basic earnings per share are based on the sum of the average number of common shares outstanding and issuable, restricted and deferred shares. Diluted earnings per share include any dilutive effect of stock options and restricted stock. In computing the diluted weighted average shares, the average share price for the period is used in determining the number of shares assumed to be reacquired under the treasury stock method from the exercise of options. Basic and diluted earnings per share for the three and six months ended March 31, 2021 and 2020 are (in thousands, except per share amounts):


	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020


Net loss attributable to common shareholders	$	(3,064)	$	(14,661)	(5,017)		(16,379)

Basic and diluted weighted average shares	12,416,594		10,423,514		12,281,721		10,392,404








Basic and diluted loss per common share:	$	(0.25)	$	(1.41)	$	(0.41)	$	(1.58)

The table below includes information related to stock options that were outstanding at the end of each respective three and six-month period ended March 31, but have been excluded from the computation of weighted-average stock options for dilutive securities because their effect would be anti-dilutive. The stock options were anti-dilutive either due to the Company incurring a net loss for the periods presented or the exercise price exceeded the average market price per share of our common stock for the three and six months ended March 31, 2021 and 2020.


	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
Stock options excluded	90,744		543,000		95,423		543,000

Weighted average exercise price of stock options	$	1.52	$	1.75	$	1.53	$	1.75
Average market price of common stock	$	2.94	$	2.79	$	2.74	$	2.52