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Earnings Per Share | 6 Months Ended
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Jan. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Our basic earnings per share ("EPS") is computed based on the weighted average number of common shares (including vested but unissued stock units, share units, performance shares and restricted stock units ("RSUs")) outstanding during each respective period. Our diluted EPS reflects the dilution from potential common stock issuable pursuant to the exercise of equity-classified stock-based awards, settlement of escrow and earn-out arrangements related to our acquisition of UHP and the assumed conversion of Convertible Preferred Stock, if dilutive, outstanding during each respective period. Pursuant to FASB ASC 260 "Earnings Per Share," shares whose issuance is contingent upon the satisfaction of certain conditions are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. When calculating our diluted earnings per share, we consider the amount an employee must pay upon assumed exercise of stock-based awards and the amount of stock-based compensation cost attributed to future services and not yet recognized. There were no repurchases of our common stock during the three or six months ended January 31, 2022 or 2021. See Note (18) - "Stockholders’ Equity" for more information. Weighted average stock options, RSUs and restricted stock outstanding of 1,467,000 and 1,496,000 for the three months ended January 31, 2022 and 2021, respectively, and 1,498,000 and 1,515,000 for the six months ended January 31, 2022 and 2021, respectively, were not included in our diluted EPS calculation because their effect would have been anti-dilutive. Our EPS calculations exclude 273,000 and 237,000 weighted average performance shares outstanding for the three months ended January 31, 2022 and 2021, respectively, and 258,000 and 235,000 for the six months ended January 31, 2022 and 2021, respectively, as the performance conditions have not yet been satisfied. However, the numerator for EPS calculations for each respective period is reduced by the compensation expense related to these awards. Weighted average common shares of 477,000 and 409,000 related to our acquisition of UHP in March 2021 were not included in our diluted EPS calculation for the three and six months ended January 31, 2022, respectively, because their effect would have been anti-dilutive. Weighted average common shares of 4,158,000 and 2,358,000 underlying the assumed conversion of Convertible Preferred Stock, on an if-converted basis, were not included in our diluted EPS calculation for the three and six months ended January 31, 2022, respectively, because their effect would have been anti-dilutive. As a result, the numerator for our basic and diluted EPS calculation for the three and six months ended January 31, 2022 is the respective net loss attributable to common stockholders. The following table reconciles the numerators and denominators used in the basic and diluted EPS calculations:
| Three months ended January 31, |  | Six months ended January 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Numerator: |  |  |  |  |  |  |
Net (loss) income | $ | (21,874,000) |  |  | 4,205,000 |  |  | $ | (27,858,000) |  |  | (81,635,000) |
Convertible preferred stock issuance costs | — |  |  | — |  |  | (4,007,000) |  |  | — |
Establishment of initial convertible preferred stock purchase option liability | — |  |  | — |  |  | (1,005,000) |  |  | — |
Dividend on convertible preferred stock | (1,632,000) |  |  | — |  |  | (1,867,000) |  |  | — |
Net loss attributable to common stockholders | $ | (23,506,000) |  |  | 4,205,000 |  |  | $ | (34,737,000) |  |  | (81,635,000) |
Denominator: |  |  |  |  |  |  |
Denominator for basic calculation | 26,472,000 |  |  | 25,337,000 |  |  | 26,449,000 |  |  | 25,321,000 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock-based awards | — |  |  | 83,000 |  |  | — |  |  | — |
Denominator for diluted calculation | 26,472,000 |  |  | 25,420,000 |  |  | 26,449,000 |  |  | 25,321,000 |
As discussed further in Note (17) - "Convertible Preferred Stock," the Convertible Preferred Stock issued in October 2021 represents a "participating security" as defined in ASC 260. As a result, our EPS calculations for the three and six months ended January 31, 2022 were based on the two-class method. Given the net loss attributable to common stockholders for the three and six months ended January 31, 2022, there was no impact of applying the two-class method to our reported basic or diluted earnings per common share.

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