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Earnings (Loss) per Common Share

9 Months Ended

Mar. 31, 2023

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 12. Earnings (Loss) per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts):


		Three Months Ended						Nine Months Ended
		March 31,						March 31,
		2023			2022			2023			2022
Numerator
Net income (loss)		$	13,957		$	5,705		$	35,051		$	17,756
Undistributed earnings allocated to unvested restricted stock			(253)			(113)			(515)			(359)
Net income (loss) for earnings per share calculation		$	13,704		$	5,592		$	34,536		$	17,397

Denominator
Weighted average number of common shares outstanding — Basic			33,013			33,009			33,108			32,933
Effect of dilutive securities:
Unvested restricted stock awards			143			379			178			325
Unvested contingent restricted stock units			—			—			5			—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share			33,156			33,388			33,291			33,258

Net income (loss) per common share — Basic		$	0.42		$	0.17		$	1.04		$	0.53
Net income (loss) per common share — Diluted		$	0.41		$	0.17		$	1.04		$	0.52

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 262,000 and 120,000 for the three and nine months ended March 31, 2023, respectively, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

Unvested restricted stock awards (time-vested), totaling approximately 24,000 and 17,000 for the nine months ended March 31, 2022 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

In addition, unvested performance-based restricted stock awards and unvested contingent restricted stock units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.