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Net Income (Loss) Per Share
 9 Months Ended
Jun. 30, 2017
Net Income (Loss) Per Share  
Net Income (Loss) Per Share

Note 9.Net Income (Loss) Per Share

 

The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common stockholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued.

 

The following table sets forth the computation of basic and diluted earnings (losses) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 30, 

 

June 30, 

 

(in thousands, except share and per share data)

    

2016

    

2017

    

2016

    

2017

 

Numerator: Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,792

 

$

(3,967)

 

$

1,858

 

$

(6,529)

 

Dividends paid

 

 

(2,748)

 

 

(2,752)

 

 

(8,240)

 

 

(8,257)

 

Undistributed income (loss)

 

 

44

 

 

(6,719)

 

 

(6,382)

 

 

(14,786)

 

Percentage allocated to common shares (a)

 

 

99.0

%

 

100.0

%

 

99.0

%

 

100.0

%

Undistributed income (loss) allocated to common shares

 

 

44

 

 

(6,719)

 

 

(6,321)

 

 

(14,786)

 

Dividends paid on common shares outstanding

 

 

2,721

 

 

2,725

 

 

8,160

 

 

8,176

 

Net income (loss) available to common shares

 

 

2,765

 

 

(3,994)

 

 

1,839

 

 

(6,610)

 

Denominator: Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

12,370,039

 

 

12,400,522

 

 

12,358,609

 

 

12,394,350

 

Adjustment for dilutive potential common shares

 

 

2,278

 

 

 —

 

 

4,761

 

 

 —

 

Weighted average shares outstanding - Diluted

 

 

12,372,317

 

 

12,400,522

 

 

12,363,370

 

 

12,394,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share

 

$

0.22

 

$

(0.32)

 

$

0.15

 

$

(0.53)

 

Diluted net income (loss) per share

 

$

0.22

 

$

(0.32)

 

$

0.15

 

$

(0.53)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of stock option shares excluded as their effect would be anti-dilutive

 

 

383,202

 

 

299,667

 

 

380,302

 

 

314,834

 

Number of restricted stock shares excluded as their effect would be anti-dilutive

 

 

121,010

 

 

107,210

 

 

121,243

 

 

108,068

 

Number of performance share awards excluded as their effect would be anti-dilutive

 

 

 —

 

 

14,250

 

 

 —

 

 

14,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Percentage allocated to common shares - Weighted average

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

12,370,039

 

 

12,400,522

 

 

12,358,609

 

 

12,394,350

 

Unvested participating shares

 

 

121,010

 

 

 —

 

 

121,243

 

 

 —

 

 

 

 

12,491,049

 

 

12,400,522

 

 

12,479,852

 

 

12,394,350