Earnings Per Share and Equity

9 Months Ended

Jun. 30, 2020

10.	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 June 30,				Nine Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to Mesa Air Group	$	3,419	$	3,007	$	16,089	$	35,337
Basic weighted average common shares outstanding		35,299		34,835		35,154		34,683
Add: Incremental shares for: (1)
Dilutive effect of restricted stock		—		277		94		368
Diluted weighted average common shares outstanding		35,299		35,112		35,248		35,051
Net income per common share attributable to Mesa Air Group:
Basic	$	0.10	$	0.09	$	0.46	$	1.02
Diluted	$	0.10	$	0.09	$	0.46	$	1.01

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 nine months ended June 30, 2020 and 2019.