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Earnings (Loss) per Common Share

6 Months Ended

Dec. 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						Six Months Ended
		December 31,						December 31,
		2024			2023			2024			2023
Numerator
Net income (loss)		$	(1,825)		$	1,082		$	240		$	2,556
Undistributed earnings allocated to unvested restricted stock			(100)			(24)			(178)			(51)
Net income (loss) for earnings per share calculation		$	(1,925)		$	1,058		$	62		$	2,505

Denominator
Weighted average number of common shares outstanding — Basic			32,934			32,693			32,828			32,676
Effect of dilutive securities:
Unvested restricted stock awards			—			171			166			225
Unvested contingent restricted stock units			—			36			—			39
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share			32,934			32,900			32,994			32,940

Net income (loss) per common share — Basic		$	(0.06)		$	0.03		$	—		$	0.08
Net income (loss) per common share — Diluted		$	(0.06)		$	0.03		$	—		$	0.08

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.8 million for the three months ended December 31, 2024 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive due to the net loss. Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.1 million for the six months ended December 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 0.2 million and 0.1 million for the three and six months ended December 31, 2023, respectively, were not included in the computation of diluted earning 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.