Net (Loss) Income Per Share Data

9 Months Ended

Jun. 30, 2022

8. Net (Loss) Income Per Share Data

Basic net (loss) income per common share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of common and common equivalent shares outstanding during the period. The Company’s potentially dilutive common shares are those that result from dilutive common stock options and non-vested stock relating to restricted stock awards and restricted stock units. However, these items have been excluded from the calculation of diluted net loss per share for the three and nine months ended June 30, 2022 and for the three months ended June 20, 2021 as their effect was anti-dilutive as a result of the net loss incurred for those periods. Therefore, diluted weighted average number of shares outstanding and diluted net loss per share were the same as basic weighted average number of shares outstanding and net loss per share for the three and nine months ended June 30, 2022 and for the three months ended June 30, 2021.

The following table presents the denominator for the computation of diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Basic weighted average shares outstanding		13,929		13,837		13,907		13,740
Dilutive effect of outstanding stock options, non-vested restricted stock, and non-vested restricted stock units		—		—		—		219
Diluted weighted average shares outstanding		13,929		13,837		13,907		13,959

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase less than 0.1 million shares of common stock for the nine months ended June 30, 2021, as their inclusion would have had an antidilutive effect on diluted net income per share for those periods.