Reconciliation of Weighted Average Shares Outstanding

6 Months Ended

Oct. 31, 2023

Reconciliation of Weighted Average Shares Outstanding

Basic earnings per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes any common shares available to be issued upon the exercise of unvested, outstanding restricted stock units and other stock awards if such inclusions would be dilutive. The shares associated with performance-based stock awards (PSU) are considered contingently issuable shares and are included in the diluted weighted average number of common shares outstanding when they have met the performance conditions, and when their effect is dilutive. We determine the potentially dilutive common shares for all awards using the treasury stock method.

A reconciliation of the shares used in the computation of (loss) earnings per share follows (shares in thousands):


	Three Months Ended October 31,		Six Months Ended October 31,
	2023	2022	2023	2022
Weighted average shares outstanding	55,102	55,622	55,186	55,679
Shares used for basic earnings per share	55,102	55,622	55,186	55,679
Dilutive effect of unvested restricted stock units and other stock awards	—	573	—	647
Shares used for diluted earnings per share	55,102	56,195	55,186	56,326
Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above	773	523	819	491

In calculating diluted net loss per common share for the three and six months ended October 31, 2023 our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a net loss is reported and the effect of using dilutive shares is antidilutive.