Earnings Per Share (Tables)

6 Months Ended

Mar. 31, 2020

Schedule of Reconciliations of the Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock for the three and six months ended March 31, 2020 and 2019:


	Three months ended March 31,						Six months ended March 31,
	2020		2019		2020		2019
Basic net income (loss) per share:
Numerator
Net income (loss)	$	1,919	$	(1,222)	$	3,853	$	1,129
Less: Net income (loss) attributable to non-controlling interests	1,182		(120)		3,265		2,053
Net income (loss) attributable to Class A common stockholders	$	737	$	(1,102)	$	588	$	(924)
Denominator
Weighted average shares of Class A common stock outstanding⁽¹⁾	14,456,970		8,887,050		14,344,768		8,849,431
Basic net income (loss) per share⁽²⁾	$	0.05	$	(0.12)	$	0.04	$	(0.10)

Dilutive net income per share⁽²⁾:
Numerator
Net income attributable to Class A common stockholders - diluted⁽³⁾	$	737			$	588

Denominator
Weighted average shares of Class A common stock outstanding⁽¹⁾	14,456,970				14,344,768
Weighted average effect of dilutive securities⁽³⁾	1,649,787				1,433,309
Weighted average shares of Class A common stock outstanding - diluted	16,106,757				15,778,077
Diluted net income per share	0.05				$	0.04

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1.Excludes 277,758 restricted Class A common stock units three and six months ended March 31, 2019, and 215,564 and 228,872 restricted Class A common stock units for the three and six months ended March 31, 2020, respectively.

2.For the three and six months ended March 31, 2019, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. The following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net loss per share of Class A common stock:

a.17,112,164 shares of weighted average Class B common stock for both the three and six months ended March 31, 2019, along with the reallocation of net income assuming conversion of these shares, were excluded because the effect would have been anti-dilutive,

b.30,500 and 33,000 stock options for the three and six months ended March 31, 2019, respectively, were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.1,012,916 and 884,823 shares for the three and six months ended March 31, 2019, respectively, resulting from estimated stock option exercises as calculated by the treasury stock method, and 277,758 restricted Class A common units for both the three and six months ended March 31, 2019, were excluded because the effect of including them would have been anti-dilutive.

3.For the three and six months ended March 31, 2020, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted earnings per share of Class A common stock:

a.12,769,568 and 12,846,018 shares of weighted average Class B common stock for the three and six months ended March 31, 2020, respectively, along with the reallocation of net income assuming conversion of these shares, were excluded because the effect would have been anti-dilutive, and

b.959,000 and 1,054,000 stock options for the three and six months ended March 31, 2020, respectively, were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive.