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Earnings Per Share of Common Stock

9 Months Ended

Jun. 30, 2021

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

5. Earnings Per Share of Common Stock

Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase

related to dilutive stock options and is computed by dividing net income (loss) by the assumed weighted average number of common shares outstanding.

We are required to present earnings per share (“EPS”), utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities.

Basic and diluted earnings per share computations for the Company’s reported net loss attributable to common stockholders are as follows:


		For the three months ended						For the nine months ended
		June 30,			June 30,			June 30,			June 30,
		2021			2020			2021			2020

		(Amounts in thousands except per share data)
Net loss		$	(423)		$	(210)			(119)			(1,482)
Less: net loss attributable to nonvested common stock			—			—			—			—
Net loss attributable to common shareholders		$	(423)		$	(210)		$	(119)		$	(1,482)

Weighted average total shares outstanding – basic			4,179			4,048			4,137			4,015
Less: weighted average non–vested shares outstanding			—			—			—			—
Weighted average number of common shares outstanding – basic			4,179			4,048			4,137			4,015
Potential common shares from non–vested stock awards and the assumed exercise of stock options			—			—			—			—
Weighted average common shares outstanding – diluted			4,179			4,048			4,137			4,015

Net loss per share – basic		$	(0.10)		$	(0.05)		$	(0.03)		$	(0.37)
Net loss per share – diluted		$	(0.10)		$	(0.05)		$	(0.03)		$	(0.37)

Non-vested restricted stock awards of 208,000 and 209,000 shares were excluded from the diluted loss per share calculation for the three and nine months ended June 30, 2021, respectively. Non-vested restricted stock awards of 205,000 and 200,000 shares were excluded from the diluted loss per share calculation for the three and nine months ended June 30, 2020, respectively. These awards were excluded because there was a net loss for these periods and their inclusion would have been anti-dilutive.