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Earnings Per Share & Diluted Earnings Per Share
 12 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share & Diluted Earnings Per Share

4. Earnings Per Share & Diluted Earnings Per Share

 

Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. In the case of a net loss, diluted EPS is calculated in the same manner as basic EPS.

 

For the years 2021, 2020 and 2019, options for 101,000, 642,000 and 978,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. These shares could become dilutive in the future.

 

A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share amounts):

 

 

 

Years Ended September 30,

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

1,508

 

 

$

(3,907

)

 

$

3,135

 

Net loss from discontinued operations

 

$

—

 

 

$

(11,816

)

 

$

(8,297

)

Net income (loss)

 

$

1,508

 

 

$

(15,723

)

 

$

(5,162

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute basic
   EPS

 

 

14,189

 

 

 

14,159

 

 

 

14,240

 

Common stock equivalents (1)

 

 

151

 

 

 

—

 

 

 

35

 

Weighted-average shares used to compute diluted
   EPS

 

 

14,340

 

 

 

14,159

 

 

 

14,275

 

Basic income (loss) per share from continuing
   operations

 

$

0.11

 

 

$

(0.28

)

 

$

0.22

 

Basic loss per share from discontinued
   operations

 

$

—

 

 

$

(0.83

)

 

$

(0.58

)

Net income (loss) per basic share

 

$

0.11

 

 

$

(1.11

)

 

$

(0.36

)

Diluted income (loss) per share from continuing
   operations

 

$

0.11

 

 

$

(0.28

)

 

$

0.22

 

Diluted loss per share from discontinued
   operations

 

$

—

 

 

$

(0.83

)

 

$

(0.58

)

Net income (loss) per diluted share

 

$

0.11

 

 

$

(1.11

)

 

$

(0.36

)

 

(1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period.