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Per Share Information
 9 Months Ended
Jun. 30, 2012
Per Share Information [Abstract]  
Per Share Information

 

Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. Our restricted shares are considered participating securities, but do not have a contractual obligation to share in the losses in any given period. As a result, these participating securities will not be allocated any losses in the periods of net losses, but will be allocated income in the periods of net income using the two-class method.

The following table reconciles the components of the basic and diluted earnings (loss) per share for the three and nine months ended June 30, 2012 and 2011 (in thousands, except share information):

  Three Months Ended June 30,
  2012 2011
Numerator:      
Net loss from continuing operations attributable to common shareholders $ (3,176) $ (11,376)
Net loss from continuing operations $ (3,176) $ (11,376)
Net loss attributable to common shareholders $ (3,176) $ (11,376)
Net loss attributable to restricted shareholders   -   -
Net loss $ (3,176) $ (11,376)
       
Denominator:      
Weighted average common shares outstanding — basic   14,642,293   14,491,966
Effect of dilutive stock options and non-vested restricted stock   -   -
Weighted average common and common equivalent shares outstanding — diluted   14,642,293   14,491,966
       
Basic loss per share:      
Basic loss per share from continuing operations $(0.22) $(0.78)
Basic loss per share $(0.22) $(0.78)
Diluted loss per share:      
Diluted loss per share from continuing operations $(0.22) $(0.78)
Diluted loss per share $(0.22) $(0.78)

  Nine Months Ended June 30,
  2012 2011
Numerator:      
Net loss from continuing operations attributable to common shareholders $ (10,329) $ (25,805)
Net loss from continuing operations $ (10,329) $ (25,805)
Net loss attributable to common shareholders $ (10,329) $ (25,805)
Net loss attributable to restricted shareholders   -   -
Net loss $ (10,329) $ (25,805)
       
Denominator:      
Weighted average common shares outstanding — basic   14,616,513   14,472,441
Effect of dilutive stock options and non-vested restricted stock   -   -
Weighted average common and common equivalent shares outstanding — diluted   14,616,513   14,472,441
       
Basic loss per share:      
Basic loss per share from continuing operations $(0.71) $(1.78)
Basic loss per share $(0.71) $(1.78)
Diluted loss per share:      
Diluted loss per share from continuing operations $(0.71) $(1.78)
Diluted loss per share $(0.71) $(1.78)

For the three and nine months ended June 30, 2012 and 2011, 20,000 and 100,000 stock options, respectively, were excluded from the computation of fully diluted earnings per share because the exercise prices of the options were greater than the average price of our common stock. For the three and nine months ended June 30, 2012 and 2011, 352,360 and 278,400 shares, respectively, of restricted stock were excluded from the computation of fully diluted earnings per share because we reported a loss from continuing operations.