Earnings Per Share and Equity

6 Months Ended

Mar. 31, 2020

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,
	2020		2019		2020		2019
Net income attributable to Mesa Air Group	$	1,885	$	13,249	$	12,670	$	32,330
Basic weighted average common shares outstanding		35,141		34,699		35,082		34,607
Add: Incremental shares for:
Dilutive effect of restricted stock		124		263		138		434
Diluted weighted average common shares outstanding		35,265		34,962		35,220		35,041
Net income per common share attributable to Mesa Air Group:
Basic	$	0.05	$	0.38	$	0.36	$	0.93
Diluted	$	0.05	$	0.38	$	0.36	$	0.92

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 and six months ended March 31, 2020 and 2019.