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Earnings Per Share
 3 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

B. EARNINGS PER SHARE

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share includes the weighted average of additional shares associated with the incremental effect of dilutive restricted stock and restrictive stock units, as prescribed by the FASB guidance on earnings per share.

The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands, except per share data):

 

Three months ended December 31,

 

 

2014

 

 

2013

 

Numerator:

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(239

)

 

$

7,268

 

Income from discontinued operations

 

—

 

 

 

987

 

Net income (loss)

$

(239

)

 

$

8,255

 

Denominator:

 

 

 

 

 

 

 

Weighted average basic shares

 

12,041

 

 

 

11,994

 

Dilutive effect of restricted stock units

 

—

 

 

 

60

 

Weighted average diluted shares with assumed conversions

 

12,041

 

 

 

12,054

 

Net earnings (loss) per share:

 

 

 

 

 

 

 

Continuing operations

$

(0.02

)

 

$

0.61

 

Discontinued operations

 

—

 

 

 

0.08

 

Basic earnings (loss) per share

$

(0.02

)

 

$

0.69

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.02

)

 

$

0.60

 

Discontinued operations

 

—

 

 

 

0.08

 

Diluted earnings (loss) per share

$

(0.02

)

 

$

0.68

 

 

For the quarter ended December 31, 2014, we incurred a net loss and therefore all potential common shares were deemed to be anti-dilutive.  On December 17, 2014, our Board of Directors authorized a repurchase program (the Repurchase Program) under which we may repurchase up to $25 million of our outstanding stock.  The purchases may be made from time to time in the open market, through privately negotiated transactions and Rule 10b5-1 trading plans in accordance with applicable laws, rules and regulations.  The Repurchase Program will be funded from cash on hand and cash provided by operating activities.  The Repurchase Program will expire as of the close of business on December 31, 2015.  As of December 31, 2014, no purchases have been made under the Repurchase Program.