Earnings Per Share and Equity

3 Months Ended

Dec. 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 December 31,
	2020		2019
Net income attributable to Mesa Air Group	$	14,118	$	10,785
Basic weighted average common shares outstanding		35,531		35,023
Add: Incremental shares for:
Dilutive share adjustment - UST Warrant		800		—
Dilutive share adjustment - Restricted Shares		316		159
Diluted weighted average common shares outstanding		36,647		35,182
Net income per common share attributable to Mesa Air Group:
Basic	$	0.40	$	0.31
Diluted	$	0.39	$	0.31

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 ended December 31, 2020 and 2019.