XML 21 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share of Common Stock
 6 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock
 
Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income (loss) by the assumed weighted average number of common shares outstanding.
 
We are required to present earnings per share, or EPS, utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities.
 
Basic and diluted earnings per share computations for the Company’s reported net income (loss) attributable to common stockholders are as follows:

 
For the three months ended
 
For the six months ended
 
March 31, 2016
 
March 31, 2015
 
March 31, 2016
 
March 31, 2015
 
(Amounts in thousands except per share data)
Net income (loss)
$
503

 
$
(675
)
 
$
786

 
$
(1,112
)
Less: net income (loss) attributable to nonvested common stock
23

 
(26
)
 
30

 
(40
)
Net income (loss) attributable to common stockholders
$
480

 
$
(649
)
 
$
756

 
$
(1,072
)
 
 
 
 
 
 
 
 
Weighted average total shares outstanding – basic
3,782

 
3,662

 
3,732

 
3,637

Less: weighted average non-vested shares outstanding
173

 
137

 
143

 
130

Weighted average number of common shares outstanding – basic
3,609

 
3,525

 
3,589

 
3,507

Potential common shares from non-vested stock awards and the assumed exercise of stock options
121

 
—

 
139

 
—

Weighted average common shares outstanding – diluted
3,730

 
3,525

 
3,728

 
3,507

 
 
 
 
 
 
 
 
Net income (loss) per share – basic
$
0.13

 
$
(0.19
)
 
$
0.21

 
$
(0.31
)
Net income (loss) per share – diluted
$
0.13

 
$
(0.19
)
 
$
0.20

 
$
(0.31
)

 

All anti-dilutive securities, including certain stock options, are excluded from the diluted income (loss) per share computation. For the six months ended March 31, 2016 and 2015, 33,000 and 35,000 shares subject to stock options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value. Additionally, 130,000 shares subject to non-vested restricted stock awards were excluded from the diluted income per share calculation as there was a net loss for the six months ended March 31, 2015 and their inclusion would have been anti-dilutive. For the three months ended March 31, 2016 and 2015, 30,000 and 35,000 shares subject to stock options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value. Additionally, 137,000 shares subject to non-vested restricted stock awards were excluded from the diluted income per share calculation as there was a net loss for the three months ended March 31, 2015 and their inclusion would have been anti-dilutive.