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Earnings Per Share
 6 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

 

5.  Earnings Per Share

 

Basic earnings per share (“EPS”) is computed by dividing net income (loss) 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 earnings per share is calculated in the same manner as basic EPS.

 

For the three and six months ended March 31, 2021, options for 98,000 and 349,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. For the three and six months ended March 31, 2020, options for 641,000 and 690,000 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 components of the basic and diluted EPS calculations follows (in thousands, except per share amounts):

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income from continuing operations

 

$

(246

)

 

$

(543

)

 

$

473

 

 

$

(1,810

)

Net loss from discontinued operations

 

$

—

 

 

$

(11,151

)

 

$

—

 

 

$

(11,816

)

Net (loss) income

 

$

(246

)

 

$

(11,694

)

 

$

473

 

 

$

(13,626

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute basic EPS

 

 

14,151

 

 

 

14,150

 

 

 

14,121

 

 

 

14,193

 

Common stock equivalents (1)

 

 

—

 

 

 

—

 

 

 

96

 

 

 

—

 

Weighted-average shares used to compute diluted EPS

 

 

14,151

 

 

 

14,150

 

 

 

14,217

 

 

 

14,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) income per share from continuing operations

 

$

(0.02

)

 

$

(0.04

)

 

$

0.03

 

 

$

(0.13

)

Basic loss per share from discontinued operations

 

$

—

 

 

$

(0.79

)

 

$

—

 

 

$

(0.83

)

Net (loss) income per basic share

 

$

(0.02

)

 

$

(0.83

)

 

$

0.03

 

 

$

(0.96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) income per share from continuing operations

 

$

(0.02

)

 

$

(0.04

)

 

$

0.03

 

 

$

(0.13

)

Diluted loss per share from discontinued operations

 

$

—

 

 

$

(0.79

)

 

$

—

 

 

$

(0.83

)

Net (loss) income per diluted share

 

$

(0.02

)

 

$

(0.83

)

 

$

0.03

 

 

$

(0.96

)

 

(1)

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