Earnings per Common Share

Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director stock options and nonvested deferred shares. Stock options are considered dilutive whenever the exercise price is less than the average market price of the stock during the period and antidilutive whenever the exercise price exceeds the average market price of the common stock during the period. Nonvested deferred shares are considered dilutive (antidilutive) whenever the average market value of the shares during the period exceeds (is less than) the sum of the related average unamortized compensation expense during the period plus the related hypothetical estimated excess tax benefit that will be realized when the shares vest. Stock options and nonvested deferred shares are considered antidilutive in the event we report a net loss.

The computation of basic and diluted EPS is as follows:



	Fiscal Years Ended
	June 30, 2019		June 30, 2018			June 30, 2017
	(In thousands, except per share data)
Basic EPS:
Net income (loss) attributable to Matrix Service Company	$	27,982	$	(11,480	)	$	(183	)
Weighted average shares outstanding	26,891		26,769			26,533
Basic earnings (loss) per share	$	1.04	$	(0.43	)	$	(0.01	)
Diluted EPS:
Weighted average shares outstanding—basic	26,891		26,769			26,533
Dilutive stock options	28		—			—
Dilutive nonvested deferred shares	668		—			—
Diluted weighted average shares	27,587		26,769			26,533
Diluted earnings (loss) per share	$	1.01	$	(0.43	)	$	(0.01	)

The following securities are considered antidilutive and have been excluded from the calculation of diluted earnings (loss) per share:



	Fiscal Years Ended
	June 30, 2019	June 30, 2018	June 30, 2017
	(In thousands of shares)
Stock options	—	31	43
Nonvested deferred shares	160	424	430
Total antidilutive securities	160	455	473