Net Income Per Share (Notes)

9 Months Ended

Jun. 30, 2022

Basic income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted income per share is determined by dividing net income by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares. To the extent their effect is dilutive, employee equity awards and other commitments to be settled in common stock are included in the calculation of diluted net income per share based on the treasury stock method.

Prior to the Transaction, the Industrial Software Business did not have any shares of common stock outstanding. Accordingly, net loss per share for fiscal 2022 and 2021 has been calculated using weighted average shares outstanding (basic and diluted) assuming the number of shares of common stock issued to Emerson on the closing date of the Transaction were issued on October 1, 2020.

The calculations of basic and diluted net income per share and basic and dilutive weighted average shares outstanding are as follows:


	Year Ended June 30, 2023		Nine Months Ended June 30, 2022		Year Ended September 30, 2021
(Dollars and Shares in Thousands, Except per Share Data)
Net (loss) income	$	(107,760)	$	53,146	$	(20,608)

Weighted average shares outstanding	64,621		40,931		36,308
Dilutive impact from:
Employee equity awards	—		77		—
Dilutive weighted average shares outstanding	64,621		41,008		36,308
Income per share
Basic	$	(1.67)	$	1.30	$	(0.57)
Dilutive	$	(1.67)	$	1.30	$	(0.57)

For fiscal year 2023 and 2022, certain employee equity awards were anti-dilutive based on the treasury stock method. The following employee equity awards were excluded from the calculation of dilutive weighted average shares outstanding because their effect would be anti-dilutive as of June 30, 2023 and 2022:


	Year Ended June 30,
	2023	2022
	(Shares in Thousands)
Employee equity awards	1,312	65