Net Income (Loss) Per Share/Unit

12 Months Ended

Sep. 30, 2021

Net income (loss) per share/unit is calculated using a retroactive application of the Exchange Ratio and the one-for-twelve reverse stock split that occurred in conjunction with the Merger. Certain restricted shares of the Company met the criteria of a participating security. The Company calculated net income or loss per share/unit using the two-class method for those shares.

The table below sets forth the computation of basic and diluted net income (loss) per share/unit for the years ended September 30, 2021 and 2020:


	September 30,
		2021		2020
		(In thousands, except per share/unit)
Continuing Operations:
Net income (loss) - Diluted		$	(46,869)	$	35,144
Less: Dividends on preferred units		(1,491)		(3,535)
Net income (loss) attributable to common shareholders/unitholders - Basic(1)		$	(48,360)	$	31,609

Basic weighted-average common shares/units outstanding		16,021		12,457
Effecting of dilutive securities:
Series A preferred units		—		3,999
Restricted shares/units		—		53
Diluted weighted-average common shares/units outstanding		16,021		16,509
Continuing Operations:
Basic net income (loss) per common share/unit		$	(3.02)	$	2.54
Diluted net income (loss) per common share/unit		$	(3.02)	$	2.13

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(1) Used in basic and diluted net loss per share calculation for September 30, 2021 since the Company was in a net loss position.

For the years ended September 30, 2021 and 2020, the following shares/units were excluded from the calculation of diluted net income (loss) per share/unit due to their anti-dilutive effect:


	September 30,
	2021	2020
	(In thousands)

Restricted shares/units	228	153