Net Income (Loss) Per Share/Unit

3 Months Ended

Dec. 31, 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 three months ended December 31, 2021 and 2020:


	Three Months Ended December 31,
		2021		2020
		(In thousands, except per share/unit)

Net income (loss) - Diluted		$	21,398	$	(7,941)
Less: Dividends on preferred units		—		(917)
Net income (loss) attributable to common shareholders/unitholders - Basic(1)		$	21,398	$	(8,858)

Basic weighted-average common shares/units outstanding		19,470		12,469
Effecting of dilutive securities:

Restricted shares/units		99		—
Diluted weighted-average common shares/units outstanding		19,569		12,469

Basic net income (loss) per common share/unit		$	1.10	$	(0.71)
Diluted net income (loss) per common share/unit		$	1.09	$	(0.71)

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(1) Used in basic and diluted net loss per share calculation for December 31, 2020 since the Company was in a net loss position.

For the three months ended December 31, 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:


	Three Months Ended December 31,
	2021	2020
	(In thousands)
Series A preferred units	—	4,170
Restricted shares/units	268	281