Earnings Per Share

12 Months Ended

Sep. 30, 2020

10.	Earnings Per Share

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

	Year Ended September 30,
	2020		2019		2018
Net income	$	27,464	$	47,580	$	33,255
Basic weighted average common shares outstanding		35,237		34,764		24,826
Add: Incremental shares for:
Dilutive effect of warrants		—		—		116
Dilutive effect of restricted stock		71		300		315
Diluted weighted average common shares outstanding		35,308		35,064		25,257
Net income per common share
Basic	$	0.78	$	1.37	$	1.34
Diluted	$	0.78	$	1.36	$	1.32

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, including warrants with the nominal conversion price.

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 years ended September 30, 2020, 2019 and 2018.