Net Income (Loss) Per Share

6 Months Ended

Mar. 31, 2022

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 (loss) per share for the periods indicated:

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(in thousands, except share and per share data)	2021			2022			2021			2022
Numerator: Basic and Diluted
Net income (loss)	$	(3,632)		$	8,484		$	(11,659)		$	13,143
Dividends paid and accrued		(2,781)			(2,730)			(5,563)			(5,539)
Undistributed income (loss)		(6,413)			5,754			(17,222)			7,604
Percentage allocated to common shares (a)		100.0	%		99.0	%		100.0	%		99.0	%
Undistributed income (loss) allocated to common shares		(6,413)			5,697			(17,222)			7,525
Dividends paid on common shares outstanding		2,743			2,703			5,486			5,482
Net income (loss) available to common shares		(3,670)			8,400			(11,736)			13,007
Denominator: Basic and Diluted
Weighted average common shares outstanding		12,514,208			12,330,567			12,503,479			12,349,904
Adjustment for dilutive potential common shares		—			143,616			—			180,938
Weighted average shares outstanding - Diluted		12,514,208			12,474,183			12,503,479			12,530,842
Basic net income (loss) per share	$	(0.29)		$	0.68		$	(0.94)		$	1.05
Diluted net income (loss) per share	$	(0.29)		$	0.67		$	(0.94)		$	1.04
Number of stock option shares excluded as their effect would be anti-dilutive		358,346			306,752			358,346			271,806
Number of restricted stock shares excluded as their effect would be anti-dilutive		173,569			56,296			173,669			58,818
Number of deferred restricted stock shares excluded as their effect would be anti-dilutive		28,833			3,507			32,225			3,646
Number of performance share awards excluded as their effect would be anti-dilutive		46,231			51,326			55,349			72,059
(a) Percentage allocated to common shares - Weighted average
Common shares outstanding		12,514,208			12,330,567			12,503,479			12,349,904
Unvested participating shares		—			122,836			—			129,161
		12,514,208			12,453,403			12,503,479			12,479,065