Earnings Per Share

3 Months Ended

Dec. 31, 2021

9.	Earnings Per Share

Calculations of net income (loss) per common share attributable to Mesa Air Group were as follows (in thousands, except per share data):

	Three Months Ended December 31,
	2021			2020
Net income (loss) attributable to Mesa Air Group	$	(14,274	)	$	14,118
Basic weighted average common shares outstanding		35,963			35,531
Add: Incremental shares for:
Dilutive effect of warrants		—			800
Dilutive effect of restricted stock		—			316
Diluted weighted average common shares outstanding		35,963			36,647
Net income (loss) per common share attributable to Mesa Air Group:
Basic	$	(0.40	)	$	0.40
Diluted	$	(0.40	)	$	0.39

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

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

	Three Months Ended December 31,
	2021		2020
Warrants		2,215		—
Restricted stock		341		—
		2,556		—