Net Income (Loss) Per Common Share

9 Months Ended

Mar. 31, 2024

Note 17. Net Income (Loss) Per Common Share

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, RSUs and shares of the Company’s Series A Convertible Participating Cumulative Perpetual Preferred Stock, par value $1.00 per share (“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). Potentially dilutive securities include unvested RSUs and performance-based restricted stock units. For the three and nine months ended March 31, 2024 and for the three and nine months ended March 31, 2023, shares of the Company’s outstanding RSUs, PBRSUs and stock options were not included in the computation of diluted loss per common share as their effects were anti-dilutive.

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


	Three Months Ended March 31,				Nine Months Ended March 31,
(In thousands, except share and per share amounts)	2024		2023		2024		2023
(Loss) income from continuing operations available to common stockholders	$	(682)	$	(6,927)	$	717	$	(17,188)
Loss from discontinued operations available to common stockholders	—		(4,496)		—		(15,216)
Net (loss) income available to common stockholders—basic and diluted	(682)		(11,423)		717		(32,404)

Weighted average shares outstanding - basic	21,104,728		19,923,577		20,743,861		19,467,022
Effect of dilutive securities:

Shares issuable under RSUs and PBSRUs	—		—		204,468		—

Weighted average common shares outstanding - diluted	21,104,728		19,923,577		20,948,329		19,467,022
(Loss) income from continuing operations per share available to common stockholders—basic and diluted	$	(0.03)	$	(0.34)	$	0.03	$	(0.88)
Loss from discontinued operations per share available to common stockholders—basic and diluted	$	—	$	(0.23)	$	—	$	(0.78)
Net (loss) income per common share available to stockholders—basic and diluted	$	(0.03)	$	(0.57)	$	0.03	$	(1.66)