Net Income (loss) Per Common Share

6 Months Ended

Dec. 31, 2020

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to the Company by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing diluted net income (loss) attributable to the Company by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, unvested performance-based restricted stock units, and shares of Series A Preferred Stock, as converted, during the periods presented. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (i.e., such option’s exercise prices were greater than the average market price of our common shares for the period) and unvested performance-based restricted stock units because their inclusion would be have been anti-dilutive.

The following table presents the computation of basic and diluted earnings (loss) per common share:


	Three Months Ended December 31,				Six Months Ended December 31,
(In thousands, except share and per share amounts)	2020		2019		2020		2019
Undistributed net (loss) income available to common stockholders	$	(17,223)	$	7,595	$	(23,509)	$	12,104
Undistributed net (loss) income available to nonvested restricted stockholders and holders of convertible preferred stock	(645)		21		(772)		29
Net (loss) earnings available to common stockholders—basic	$	(17,868)	$	7,616	$	(24,281)	$	12,133

Weighted average common shares outstanding—basic	17,531,521		17,159,108		17,477,268		17,127,153
Effect of dilutive securities:
Shares issuable under stock options	—		1,236		—		1,819
Shares issuable under PBRSUs	—		8,091		—		6,272
Shares issuable under convertible preferred stock	—		414,900		—		414,900
Weighted average common shares outstanding—diluted	17,531,521		17,583,335		17,477,268		17,550,144
Net (loss) income available to common stockholders per common share—basic	$	(1.02)	$	0.44	$	(1.39)	$	0.71
Net (loss) income available to common stockholders per common share—diluted	$	(1.02)	$	0.43	$	(1.39)	$	0.69

The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated:


	Three Months Ended December 31,		Six Months Ended December 31,
	2020	2019	2020	2019
Shares issuable under stock options	545,797	190,117	545,797	121,113
Shares issuable under convertible preferred stock	429,614	—	429,614	—
Shares issuable under PBRSUs	81,070	16,195	82,189	8,097