Earnings Per Share

9 Months Ended

Jun. 30, 2021

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:


	Three Months Ended June 30,				Nine Months Ended June 30,
in thousands (except per share data)	2021		2020		2021		2020
Numerator:
Income from continuing operations, net of tax	$	37,142	$	15,270	$	73,821	$	28,689
Loss from discontinued operations, net of tax	(7)		(82)		(161)		(141)
Net income	$	37,135	$	15,188	$	73,660	$	28,548

Denominator:
Basic weighted-average shares	30,022		29,597		29,915		29,738
Dilutive effect of restricted stock awards	517		76		352		267
Dilutive effect of stock options	23		1		25		9
Diluted weighted-average shares (a)	30,562		29,674		30,292		30,014

Basic income (loss) per share:
Continuing operations	$	1.24	$	0.51	$	2.47	$	0.96
Discontinued operations	—		—		(0.01)		—
Total	$	1.24	$	0.51	$	2.46	$	0.96

Diluted income (loss) per share:
Continuing operations	$	1.22	$	0.51	$	2.44	$	0.95
Discontinued operations	—		—		(0.01)		—
Total	$	1.22	$	0.51	$	2.43	$	0.95

(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.


	Three Months Ended June 30,		Nine Months Ended June 30,
in thousands	2021	2020	2021	2020
Stock options	12	372	227	390
Time-based restricted stock	—	286	1	49