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STOCKHOLDERS EQUITY AND (LOSS) INCOME PER SHARE | 12 Months Ended
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Sep. 30, 2022
STOCKHOLDERS EQUITY AND (LOSS) INCOME PER SHARE |
STOCKHOLDERS EQUITY AND (LOSS) INCOME PER SHARE | 13.STOCKHOLDERS EQUITY AND (LOSS) INCOME PER SHARE All values within Note 13 are not presented in thousands. Stockholders’ Equity Sale of Preferred Shares and Warrants On May 11, 2011, the Company completed a registered public offering of 5,506 units at a price of $1,000 per unit. Each unit consisted of one 6% Series A convertible preferred share which is convertible into 500 common shares. The Series A preferred shares were valued using the common shares available upon conversion of all preferred shares of 2,753,000 and the closing market price of our stock on May 11, 2011 of $1.86. As of September 30, 2022 and 2021, all 5,506 preferred shares have been converted into 3,156,608 common shares and 217,366 common shares have been issued for quarterly preferred dividends. At September 30, 2022 and 2021, no preferred shares remained outstanding. All dividends have been paid according to the agreement. Common Stock Offering On April 23, 2021, we closed an underwritten public offering of 3,044,117 of our common shares, including 397,058 common shares sold pursuant to the full exercise by the underwriter of its option to purchase additional shares to cover over-allotments. All of the shares were sold at a price to the public of $17.00 per share. Net proceeds from the offering were approximately $48,972,000, after deducting the underwriting discount and estimated offering expenses. Increase in Authorized Shares and Equity Plan Reserve On November 4, 2021, the Company’s shareholders approved an amendment to the Company’s Second Amended and Restated Articles of Incorporation to increase the number of authorized shares from 20,000,000 shares, consisting of 19,000,000 common shares and 1,000,000 preferred shares, to 75,000,000 shares, consisting of 74,000,000 common shares and 1,000,000 preferred shares. Approval of this matter by the Inotiv shareholders was a condition to the closing of the Envigo acquisition. The amendment was effective on November 4, 2021. On November 4, 2021, the Company’s shareholders approved an amendment to the Company’s 2018 Equity Incentive Plan (the “Equity Plan”) to increase the number of shares available for awards thereunder by 1,500,000 shares and to make certain corresponding changes to certain limitations in the Equity Plan. At September 30, 2022, 928,388 shares remained available for grants under the Equity Plan. Stock Issued in Connection with Acquisitions During the fiscal years ended September 30, 2022 and 2021, 9,573,210 and 1,633,558 common shares, respectively, were issued in relation to acquisitions. See Note 3 – Business Combinations for further discussion of consideration for each acquisition. (Loss) Income per share The Company computes basic (loss) income per share using the weighted average number of common shares outstanding. The Company computes diluted earnings per share using the if-converted method for preferred shares and convertible debt, if any, and the treasury stock method for stock options and restricted stock units. 2022 Shares issuable upon exercise of 1,949,390 options and shares issuable upon vesting of 550,603 restricted stock units were not considered in computing diluted loss per share for the fiscal year ended September 30, 2022 because they were anti-dilutive. Additionally, there are 3,040,268 shares of common stock issuable upon conversion in connection with the convertible debt entered into on September 27, 2021. These shares were not considered in computing diluted loss per share for the fiscal year ended September 30, 2022 because they were anti-dilutive. 2021 Shares issuable upon exercise of 674,000 stock options were included in computing diluted net income per share for the year ended September 30, 2021. There were no Series A preferred shares outstanding as of September 30, 2021. Computation of basic and diluted net (loss) income per share is shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Years Ended
​ | ​ | September 30,
​ |  | 2022 |  | 2021
Basic and diluted net (loss) income per share: | ​ | ​ |  |  | ​ |
Net (loss) income applicable to common shareholders | ​ | $ | (337,018) | ​ | $ | 10,895
Weighted average common shares outstanding (in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | 24,354 | ​ | ​ | 13,191
Diluted | ​ |  | 24,354 | ​ |  | 13,865
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic net (loss) income per share | ​ | $ | (13.84) | ​ | $ | 0.83
Diluted net loss per share | ​ | $ | (13.84) | ​ | $ | 0.19
​ Accumulated Other Comprehensive (Loss) Income Within the statement of operations, foreign exchange gains and losses are recognized as a result of translations of non-functional currencies. In relation to the translation into U.S. dollars, except for defined benefit pension costs of The Plan, the assets and liabilities of foreign operations are translated using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated statements of operations. The Plan relates to a U.K. subsidiary, which currently records a valuation allowance against its net deferred tax assets. As a result, income tax effects on the net activity have not been presented related to each component of other comprehensive income (loss) for the fiscal years ended September 30, 2022 and 2021.

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