Earnings Per Share and Equity

9 Months Ended

Jun. 30, 2021

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 June 30,				Nine Months Ended June 30,
	2021		2020		2021		2020
Net income attributable to Mesa Air Group	$	4,276	$	3,419	$	24,083	$	16,089
Basic weighted average common shares outstanding		35,769		35,299		35,642		35,154
Add: Incremental shares for:
Dilutive share adjustment - UST warrant		3,084		—		2,536		—
Dilutive share adjustment - restricted shares		660		—		633		94
Diluted weighted average common shares outstanding		39,513		35,299		38,811		35,248
Net income per common share attributable to Mesa Air Group:
Basic	$	0.12	$	0.10	$	0.68	$	0.46
Diluted	$	0.11	$	0.10	$	0.62	$	0.46

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 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 income per share for the three and nine months ended June 30, 2021 and 2020.