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Earnings Per Share and Equity
6 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share and Equity

9.

Earnings Per Share and Equity

Calculations of net income per common share attributable to Mesa Air Group were as follows (in thousands, except per share data):

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income attributable to Mesa Air Group

 

$

13,249

 

 

$

2,372

 

 

$

32,330

 

 

$

24,996

 

Basic weighted average common shares outstanding

 

 

34,699

 

 

 

23,282

 

 

 

34,607

 

 

 

23,279

 

Add: Incremental shares for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of warrants

 

 

 

 

 

98

 

 

 

 

 

 

97

 

Dilutive effect of restricted stock

 

 

263

 

 

 

190

 

 

 

434

 

 

 

154

 

Diluted weighted average common shares outstanding

 

 

34,962

 

 

 

23,570

 

 

 

35,041

 

 

 

23,530

 

Net income per common share attributable to

   Mesa Air Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.38

 

 

$

0.10

 

 

$

0.93

 

 

$

1.07

 

Diluted

 

$

0.38

 

 

$

0.10

 

 

$

0.92

 

 

$

1.06

 

 

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 (excluding warrants with a nominal conversion price) 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 three months and six months ended March 31, 2019 and 2018.

Restatement

Basic and Diluted Net Income per Common Share Available to Common Shareholders for the Three Months and Six Months Ended March 31, 2018

Subsequent to the issuance of the Company’s condensed consolidated financial statements for the three months ended December 31, 2018, we determined our previously issued condensed consolidated financial statements included warrants with a nominal conversion price in diluted income per common share available to common shareholders, however, they should have been included in basic income per common share available to common shareholders.  Since diluted shares are under the treasury stock method, diluted income per common share available to common shareholders was impacted by this change.  As a result, basic and diluted income per common share available to common shareholders for the periods ended March 31, 2018 have been restated to appropriately include the warrants with a nominal conversion price in basic income per common share available to common shareholders.  

The restatement adjustment did not impact our previously reported consolidated balance sheet, consolidated statements of stockholders’ equity, consolidated statements of cash flows, or net income (in thousands, except per share data).

 

 

 

Three Months Ended March 31, 2018

 

 

Six Months Ended March 31, 2018

 

 

 

As Previously

Reported

 

 

As Restated

 

 

As Previously

Reported

 

 

As Restated

 

Net income per common share available to

   common shareholders - Basic

 

$

0.20

 

 

$

0.10

 

 

$

2.18

 

 

$

1.07

 

Shares used in computing net income per common

   share available to common shareholders - Basic

 

 

11,592

 

 

 

23,282

 

 

 

11,441

 

 

 

23,279

 

Net income per common share available to

   common shareholders - Diluted

 

$

0.10

 

 

$

0.10

 

 

$

1.06

 

 

$

1.06

 

Shares used in computing net income per common

   share available to common shareholders - Diluted

 

 

23,563

 

 

 

23,570

 

 

 

23,563

 

 

 

23,530