Earnings Per Share

6 Months Ended

Mar. 31, 2022

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 per share for the periods presented:


	Three Months Ended March 31,				Six Months Ended March 31,
in thousands (except per share data)	2022		2021		2022		2021
Numerator:
Income from continuing operations	$	44,678	$	24,643	$	79,573	$	36,679
Loss from discontinued operations, net of tax	(6)		(115)		(16)		(154)
Net income	$	44,672	$	24,528	$	79,557	$	36,525

Denominator:
Basic weighted-average shares	30,594		29,953		30,464		29,862
Dilutive effect of restricted stock awards	222		231		300		262
Dilutive effect of stock options	7		31		8		26
Diluted weighted-average shares (a)	30,823		30,215		30,772		30,150

Basic income (loss) per share:
Continuing operations	$	1.46	$	0.82	$	2.61	$	1.23
Discontinued operations	—		—		—		(0.01)
Total	$	1.46	$	0.82	$	2.61	$	1.22

Diluted income (loss) per share:
Continuing operations	$	1.45	$	0.81	$	2.59	$	1.22
Discontinued operations	—		—		—		(0.01)
Total	$	1.45	$	0.81	$	2.59	$	1.21

(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 March 31,		Six Months Ended March 31,
in thousands	2022	2021	2022	2021
Stock options	13	177	31	214
Time-based restricted stock	188	13	—	121