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Earnings Per Share of Common Stock

6 Months Ended

Mar. 31, 2025

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

3. Earnings Per Share of Common Stock

Basic net income (loss) per common share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share

includes the dilutive effect of restricted stock, if any, calculated using the treasury stock method. For unvested restricted stock, assumed proceeds under the treasury stock method would include unamortized compensation cost.

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. Net losses are not allocated to these participating securities as there are no contractual obligations that require participation in the Company’s losses.

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


		Three months ended						Six Months Ended
		March 31,			March 31,			March 31,			March 31,
		2025			2024			2025			2024

		(Amounts in thousands except per share data)
Net (loss) income		$	(108)		$	1,588		$	364		$	1,515
Less: net income attributable to nonvested common stock			—			(106)			(23)			(98)
Net (loss) income attributable to common shareholders		$	(108)		$	1,482		$	341		$	1,417

Weighted average total shares outstanding - basic			9,343			9,719			9,851			9,586
Less: weighted average non–vested shares outstanding			—			(649)			(619)			(619)
Weighted average number of common shares outstanding - basic			9,343			9,070			9,232			8,967
Add: potential common shares from non-vested restricted stock awards			—			385			382			399
Weighted average common shares outstanding - diluted			9,343			9,455		$	9,614			9,366

Net (loss) income per common share - basic		$	(0.01)		$	0.16		$	0.04		$	0.16
Net (loss) income per common share - diluted		$	(0.01)		$	0.16		$	0.04		$	0.15

Anti-dilutive securities include restricted stock, which are excluded from the diluted income per share computation. Non-vested restricted stock awards of 269 thousand shares were excluded from net loss per share for the three months ended March 31, 2025 because their inclusion would have been anti-dilutive as there was a net loss for the period.