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Earnings Per Share of Common Stock

6 Months Ended

Mar. 31, 2023

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 restricted stock awards 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:


		Three months ended						Six months ended
		March 31,			March 31,			March 31,			March 31,
		2023			2022			2023			2022

		(Amounts in thousands except per share data)
Net income (loss)		$	321		$	156		$	1,282		$	(210)
Less: net income attributable to nonvested common stock			19			8			77			—
Net income (loss) attributable to common shareholders		$	302		$	148		$	1,205		$	(210)

Weighted average total shares outstanding – basic			4,688			4,517			4,621			4,237
Less: weighted average non–vested shares outstanding			297			243			279			—
Weighted average number of common shares outstanding – basic			4,391			4,274			4,342			4,237
Add: potential common shares from non–vested stock awards			71			11			53			—
Weighted average common shares outstanding – diluted			4,462			4,285		$	4,395			4,237

Net income (loss) per common share - basic		$	0.07		$	0.03		$	0.28		$	(0.05)
Net income (loss) per common share - diluted		$	0.07		$	0.03		$	0.27		$	(0.05)

Anti-dilutive securities include restricted stock, which are excluded from the diluted income (loss) per share computation. Non-vested restricted stock awards of 26 thousand and 101 thousand were excluded from the diluted net income per share calculation for the three and six months ended March 31, 2023, respectively. Non-vested restricted stock awards of 238 thousand and 175 thousand were excluded from the diluted net income per share calculation for the three and six months ended March 31, 2022, respectively.