Reconciliation of Weighted Average Shares Outstanding

9 Months Ended

Jan. 31, 2024

Reconciliation of Weighted Average Shares Outstanding

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss 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 per share follows (shares in thousands):


	Three Months Ended January 31,		Nine Months Ended January 31,
	2024	2023	2024	2023
Weighted average shares outstanding	54,812	55,514	55,061	55,625
Shares used for basic loss per share	54,812	55,514	55,061	55,625
Dilutive effect of unvested restricted stock units and other stock awards	—	—	—	—
Shares used for diluted loss per share	54,812	55,514	55,061	55,625
Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above	1,139	1,141	1,084	1,155

In calculating diluted net loss per common share for the three and nine months ended January 31, 2024 and 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.