Earnings Per Share

6 Months Ended

Mar. 31, 2022

10.	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 March 31,					Six Months Ended March 31,
	2022			2021		2022			2021
Net income (loss) attributable to Mesa Air Group	$	(42,783	)	$	5,689	$	(57,057	)	$	19,807
Basic weighted average common shares outstanding		36,048			35,628		36,005			35,579
Add: Incremental shares for:
Dilutive effect of warrants		—			3,038		—			2,183
Dilutive effect of restricted stock		—			766		—			620
Diluted weighted average common shares outstanding		36,048			39,432		36,005			38,382
Net income (loss) per common share attributable to Mesa Air Group:
Basic	$	(1.19	)	$	0.16	$	(1.58	)	$	0.56
Diluted	$	(1.19	)	$	0.14	$	(1.58	)	$	0.52

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 anti-dilutive under the treasury stock method are 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 March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Warrants		818		—		1,671		—
Restricted stock		84		—		235		—
		902		—		1,906		—