EARNINGS PER SHARE (EPS)

6 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 10 – EARNINGS PER SHARE (EPS)

Basic EPS (and diluted EPS in periods where a loss exists) was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock based compensation. The 2017 Notes were anti-dilutive due to the conversion price being greater than the weighted-average stock price during the periods presented.

The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share:

	Three Months Ended March 31,				Six Months Ended March 31,
	2014		2013		2014		2013
Weighted average shares outstanding - basic		48,990		54,345		50,872		54,749
Incremental shares from stock based compensation		—		—		—		—
Weighted average shares outstanding - diluted		48,990		54,345		50,872		54,749
Anti-dilutive options excluded from diluted EPS computation		644		856		644		856
Anti-dilutive restricted stock excluded from diluted EPS computation		1,507		2,421		1,682		2,259

Griffon has the intent and ability to settle the principal amount of the 2017 Notes in cash, and as such, the potential issuance of shares related to the principal amount of the 2017 Notes does not affect diluted shares.