(Loss)/Earnings Per Share

6 Months Ended

Mar. 31, 2025

Calculations of net (loss)/earnings per common share were as follows (in thousands, except per share amounts):


	Three Months Ended March 31,					Six Months Ended March 31,
	2025			2024		2025			2024
Net (loss)/income	$	(58,631	)	$	11,660	$	(173,188	)	$	(46,190	)
Basic weighted average common shares outstanding		41,334			41,068		41,333			41,004
Diluted weighted average common shares outstanding		41,334			41,068		41,333			41,004
Net (loss)/income per common share attributable to Mesa Air Group:
Basic	$	(1.42	)	$	0.28	$	(4.19	)	$	(1.13	)
Diluted	$	(1.42	)	$	0.28	$	(4.19	)	$	(1.13	)

Basic income or loss per common share is computed by dividing net income or loss attributable to Mesa Air Group by the weighted average number of common shares outstanding during the period.

The number of incremental shares from the assumed issuance of shares relating to restricted stock and exercise of warrants is calculated by applying the treasury stock method. Share-based awards and warrants whose impact is anti-dilutive under the treasury stock method are excluded from the diluted net income or loss per share calculation. In loss periods, these incremental shares are excluded from the calculation of diluted loss per share, as the inclusion of approximately 1.0 million unvested restricted shares and 4.9 million warrants would have an anti-dilutive effect.

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted net loss per share because the effect of including such potentially dilutive shares would have been anti-dilutive:


	Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024
Warrants		—		—		—		—
Restricted stock		278		—		105		—
		278		—		105		—