Earnings per Common Share

Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares.

The computation of basic and diluted earnings per share is as follows:



	Three Months Ended					Nine Months Ended
	March 31, 2019		March 31, 2018			March 31, 2019		March 31, 2018
	(In thousands, except per share data)
Basic EPS:
Net income (loss)	$	8,933	$	(5,153	)	$	15,170	$	3,203
Weighted average shares outstanding	26,788		26,817			26,918		26,747
Basic earnings (loss) per share	$	0.33	$	(0.19	)	$	0.56	$	0.12
Diluted EPS:
Weighted average shares outstanding – basic	26,788		26,817			26,918		26,747
Dilutive stock options	27		—			28		29
Dilutive nonvested deferred shares	602		—			641		278
Diluted weighted average shares	27,417		26,817			27,587		27,054
Diluted earnings (loss) per share	$	0.33	$	(0.19	)	$	0.55	$	0.12

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:



	Three Months Ended		Nine Months Ended
	March 31, 2019	March 31, 2018	March 31, 2019	March 31, 2018
	(In thousands)
Stock options	—	37	—	—
Nonvested deferred shares	188	459	152	276
Total antidilutive securities	188	496	152	276