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Earnings Per Share

12 Months Ended

Sep. 30, 2018

9.	Earnings Per Share

Calculations of net income per common share were as follows (in thousands, except per share data):

	Year Ended September 30,
	2018		2017		2016
Net income	$	33,255	$	32,828	$	14,920
Basic weighted average common shares outstanding		13,516		10,919		9,558
Add: Incremental shares for:
Dilutive effect of warrants		11,492		12,369		14,451
Dilutive effect of restricted stock		163		98		73
Diluted weighted average common shares outstanding		25,171		23,386		24,082

Net income per common share
Basic	$	2.46	$	3.01	$	1.56
Diluted	$	1.32	$	1.40	$	0.62

Basic income per common share is computed by dividing net income attributable to Mesa Air Group by the weighted average number of common shares outstanding during the period.

The number of incremental shares from the assumed issuance of shares relating to restricted stock and exercise of warrants is calculated by applying the treasury stock method. Share-based awards and warrants whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income or loss per share calculation. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of unvested restricted stock and warrants would have an anti-dilutive effect. There were no anti-dilutive shares relating to restricted stock and exercise of warrants that were excluded from the calculation of diluted loss per share for the years ended September 30, 2018, 2017 and 2016.