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Earnings (Loss) per Common Share

9 Months Ended

Mar. 31, 2024

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,
		2024			2023			2024			2023
Numerator
Net income (loss)		$	289		$	13,957		$	2,845		$	35,051
Undistributed earnings allocated to unvested restricted stock			(6)			(253)			(58)			(515)
Net income (loss) for earnings per share calculation		$	283		$	13,704		$	2,787		$	34,536

Denominator
Weighted average number of common shares outstanding — Basic			32,702			33,013			32,692			33,108
Effect of dilutive securities:
Unvested restricted stock awards			124			143			192			178
Unvested contingent restricted stock units			28			—			36			5
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share			32,854			33,156			32,920			33,291

Net income (loss) per common share — Basic		$	0.01		$	0.42		$	0.09		$	1.04
Net income (loss) per common share — Diluted		$	0.01		$	0.41		$	0.08		$	1.04

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.1 million for each of the three and nine months ended March 31, 2024 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.3 million and 0.1 million 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.

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.