Net Income (Loss) Per Share

9 Months Ended

Jun. 30, 2020

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Note 10.  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.  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 for the periods indicated:

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands, except share and per share data)	2019			2020			2019			2020
Numerator: Basic and Diluted
Net income (loss)	$	3,802		$	(8,097)		$	3,708		$	(761)
Dividends paid and accrued		(2,760)			(2,792)			(8,277)			(8,410)
Undistributed income (loss)		1,042			(10,889)			(4,569)			(9,171)
Percentage allocated to common shares (a)		98.9	%		100.0	%		100.0	%		100.0	%
Undistributed income (loss) allocated to common shares		1,030			(10,889)			(4,569)			(9,171)
Dividends paid on common shares outstanding		2,729			2,792			8,182			8,410
Net income (loss) available to common shares		3,759			(8,097)			3,613			(761)
Denominator: Basic and Diluted
Weighted average common shares outstanding		12,449,738			12,475,406			12,443,039			12,469,703
Adjustment for dilutive potential common shares		141,858			—			148,183			—
Weighted average shares outstanding - Diluted		12,591,596			12,475,406			12,591,222			12,469,703
Basic net income (loss) per share	$	0.30		$	(0.65)		$	0.29		$	(0.06)
Diluted net income (loss) per share	$	0.30		$	(0.65)		$	0.29		$	(0.06)
Number of stock option shares excluded as their effect would be anti-dilutive		446,182			299,093			352,358			263,376
Number of restricted stock shares excluded as their effect would be anti-dilutive		61,688			81,380			65,692			82,105
Number of deferred restricted stock shares excluded as their effect would be anti-dilutive		29,050			36,499			29,050			35,547
Number of performance share awards excluded as their effect would be anti-dilutive		51,120			46,581			49,994			46,581
(a) Percentage allocated to common shares - Weighted average
Common shares outstanding		12,449,738			12,475,406			12,443,039			12,469,703
Unvested participating shares		141,858			—			—			—
		12,591,596			12,475,406			12,443,039			12,469,703