Earnings Per Share

12 Months Ended

Sep. 30, 2022

11.	Earnings Per Share

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

	Year Ended September 30,
	2022			2021		2020
Net (loss) income	$	(182,678	)	$	16,588	$	27,464
Basic weighted average common shares outstanding		36,133			35,713		35,237
Add: Incremental shares for:
Dilutive effect of warrants		—			2,543		—
Dilutive effect of restricted stock		—			587		71
Diluted weighted average common shares outstanding		36,133			38,843		35,308
Net (loss) income per common share
Basic	$	(5.06	)	$	0.46	$	0.78
Diluted	$	(5.06	)	$	0.43	$	0.78

Basic (loss) income per common share is computed by dividing net (loss) 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 (loss) 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.

The following number of weighted-average potentially dilutive shares (in thousands) were excluded from the calculation of diluted net (loss) income per share because the effect of including such potentially dilutive shares would have been anti-dilutive:

	Year Ended September 30,
	2022		2021		2020
Warrants		758		—		—
Restricted stock		106		—		—
		864		—		—