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Summary of Significant Accounting Policies
 3 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
A. Principles of Consolidation
The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated.
The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements.
These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2015 Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.
B. Accounting Policies
A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's fiscal 2015 Annual Report on Form 10-K.
C. Net Loss per Share
The Company’s net loss per basic share has been computed based on the weighted-average number of common shares outstanding. Net loss per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. The dilutive effect of the Company’s restricted shares and performance shares were as follows:
 
Three Months Ended 
 December 31,
 
2015
 
2014
Loss from continuing operations
$
(2,598
)
 
$
(1,345
)
Loss from discontinued operations, net of tax
—

 
(63
)
Net loss
$
(2,598
)
 
$
(1,408
)
 
 
 
 
Weighted-average common shares outstanding (basic)
5,452

 
5,422

Effect of dilutive securities:
 
 
 
Restricted shares
—

 
25

Weighted-average common shares outstanding (diluted)
5,452

 
5,447

 
 
 
 
Net loss per share – basic
 
 
 
Continuing operations
$
(0.48
)
 
$
(0.25
)
Discontinued operations
—

 
(0.01
)
Net loss
$
(0.48
)
 
$
(0.26
)
 
 
 
 
Net loss per share – diluted:
 
 
 
Continuing operations
$
(0.48
)
 
$
(0.25
)
Discontinued operations
—

 
(0.01
)
Net loss
$
(0.48
)
 
$
(0.26
)
 
 
 
 
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share
22

 
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