Earnings Per Share

12 Months Ended

Sep. 30, 2021

10.	Earnings Per Share

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

	Year Ended September 30,
	2021		2020		2019
Net income	$	16,588	$	27,464	$	47,580
Basic weighted average common shares outstanding		35,713		35,237		34,764
Add: Incremental shares for:
Dilutive effect of warrants		2,543		—		—
Dilutive effect of restricted stock		587		71		300
Diluted weighted average common shares outstanding		38,843		35,308		35,064
Net income per common share
Basic	$	0.46	$	0.78	$	1.37
Diluted	$	0.43	$	0.78	$	1.36

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 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 net income per share for the years ended September 30, 2021, 2020, and 2019.