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Earnings Per Share of Common Stock

9 Months Ended

Jun. 30, 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 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 income attributable to common stockholders are as follows:


		Three months ended						Nine months ended
		June 30,			June 30,			June 30,			June 30,
		2023			2022			2023			2022

		(Amounts in thousands except per share data)
Net income		$	2,514		$	684		$	3,796		$	474
Less: net income attributable to nonvested common stock			(159)			(38)			(232)			(24)
Net income attributable to common shareholders		$	2,355		$	646		$	3,564		$	450

Weighted average total shares outstanding – basic			4,710			4,535			4,651			4,481
Less: weighted average non–vested shares outstanding			(297)			(255)			(285)			(230)
Weighted average number of common shares outstanding – basic			4,413			4,280			4,366			4,251
Add: potential common shares from non–vested stock awards			103			3			69			14
Weighted average common shares outstanding – diluted			4,516			4,283		$	4,435			4,265

Net income per common share - basic		$	0.53		$	0.15		$	0.82		$	0.11
Net income per common share - diluted		$	0.52		$	0.15		$	0.80		$	0.11

Anti-dilutive securities include restricted stock, which are excluded from the diluted income per share computation. Non-vested restricted stock awards of 16 thousand and 98 thousand shares were excluded from the diluted net income per share calculation for the three and nine months ended June 30, 2023, respectively. Non-vested restricted stock awards of 231 thousand and 194 thousand shares were excluded from the diluted net income per share calculation for the three and nine months ended June 30, 2022, respectively.