Net Income (loss) Per Common Share

9 Months Ended

Mar. 31, 2021

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 March 31,				Nine Months Ended March 31,
(In thousands, except share and per share amounts)	2021		2020		2021		2020
Undistributed net (loss) income available to common stockholders	$	(13,234)	$	(39,790)	$	(36,601)	$	(27,692)
Undistributed net (loss) income available to nonvested restricted stockholders and holders of convertible preferred stock	(594)		(126)		(1,507)		(91)
Net (loss) earnings available to common stockholders—basic	$	(13,828)	$	(39,916)	$	(38,108)	$	(27,783)

Weighted average common shares outstanding—basic	17,756,619		17,230,879		17,569,026		17,161,477
Effect of dilutive securities:
Shares issuable under stock options	—		—		—		—
Shares issuable under PBRSUs	—		—		—		—
Shares issuable under convertible preferred stock	—		—		—		—
Weighted average common shares outstanding—diluted	17,756,619		17,230,879		17,569,026		17,161,477
Net loss available to common stockholders per common share—basic	$	(0.78)	$	(2.32)	$	(2.17)	$	(1.62)
Net loss available to common stockholders per common share—diluted	$	(0.78)	$	(2.32)	$	(2.17)	$	(1.62)

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 March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Shares issuable under stock options	421,167	485,513	421,167	327,192
Shares issuable under convertible preferred stock	433,373	418,531	433,373	418,531
Shares issuable under PBRSUs	185,236	98,946	104,271	75,926