Earnings Per Share

12 Months Ended

Sep. 30, 2020

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted income (loss) per share adjusts the basic income (loss) per share for the effects of any potentially dilutive securities in periods in which the Company has net income and such effects are dilutive under the treasury stock method.

Following is a summary of the components of basic and diluted income (loss) per share for the periods presented:


	Fiscal Year Ended September 30,
in thousands, except per share data	2020		2019		2018
Numerator:
Income (loss) from continuing operations	$	53,316	$	(79,421)	$	(45,046)
Loss from discontinued operations, net of tax	(1,090)		(99)		(329)
Net income (loss)	$	52,226	$	(79,520)	$	(45,375)

Denominator:
Basic weighted-average shares	29,704		30,617		32,141
Dilutive effect of restricted stock awards	229		—		—
Dilutive effect of stock options	15		—		—


Diluted weighted-average shares (a)	29,948		30,617		32,141

Basic income (loss) per share:
Continuing operations	$	1.80	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.76	$	(2.60)	$	(1.41)

Diluted income (loss) per share:
Continuing operations	$	1.78	$	(2.59)	$	(1.40)
Discontinued operations	(0.04)		(0.01)		(0.01)
Total	$	1.74	$	(2.60)	$	(1.41)

(a) The following potentially dilutive shares were excluded from the calculation of diluted income (loss) per share as a result of their anti-dilutive effect. Due to the reported net losses for the years ended September 30, 2019 and 2018, all common stock equivalents were excluded from the computation of diluted loss per share for fiscal years 2019 and 2018 because inclusion would have resulted in anti-dilution.


	Fiscal Year Ended September 30,
in thousands	2020	2019	2018
Stock options	375	524	533
Time-based restricted stock	46	612	432
Performance-based restricted stock	—	779	645