Earnings Per Share

Basic and diluted earnings per share were calculated as follows under the two-class method:



	Three Months Ended					Six Months Ended
	December 31					December 31
(Amounts in thousands, except per share data)	2018		2017			2018		2017
Basic and Diluted Earnings Per Share:
Net Income (Loss)	$	7,115	$	(8,347	)	$	12,184	$	133
Less: Net Income allocated to participating securities	7		—			9		—
Net Income (Loss) allocated to common Share Owners	$	7,108	$	(8,347	)	$	12,175	$	133

Basic weighted average common shares outstanding	25,993		26,765			26,250		26,812
Dilutive effect of average outstanding performance shares	24		—			136		191
Dilutive effect of average outstanding deferred stock units	19		—			18		4
Dilutive weighted average shares outstanding	26,036		26,765			26,404		27,007

Earnings (Loss) Per Share of Common Stock:
Basic	$	0.27	$	(0.31	)	$	0.46	$	—
Diluted	$	0.27	$	(0.31	)	$	0.46	$	—

For the three months ended December 31, 2017, all outstanding stock compensation awards were antidilutive, as a result of the net loss recognized for the period, and were excluded from the dilutive calculation, including 290,000 average outstanding performance shares and 15,000 average outstanding unvested deferred stock units. The net loss in the three months ended December 31, 2017 was not allocated to participating securities as the holders have no requirements to fund losses. For the three and six months ended December 31, 2018 and for the six months ended December 31, 2017, all outstanding stock compensation awards were dilutive and were included in the dilutive calculation.