Net (Loss) Income Per Common Share

12 Months Ended

Jun. 30, 2021

Net (Loss) Per Common Share

Basic net (loss) per common share is calculated by dividing net (loss) attributable to the Company by the weighted average number of common shares outstanding during the periods presented. Diluted net (loss) per common share is calculated by dividing diluted net (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 per common share:


	For the Years Ended June 30,
(In thousands, except share and per share amounts)	2021		2020		2019
Undistributed net (loss) available to common stockholders	$	(40,710)	$	(37,462)	$	(74,054)
Undistributed net (loss) available to nonvested restricted stockholders and holders of convertible preferred stock	(1,515)		(179)		(76)
Net (loss) available to common stockholders—basic	$	(42,225)	$	(37,641)	$	(74,130)

Weighted average common shares outstanding—basic	17,635,402		17,205,849		16,996,354
Effect of dilutive securities:
Shares issuable under stock options	—		—		—


Weighted average common shares outstanding—diluted	17,635,402		17,205,849		16,996,354
Net (loss) per common share available to common stockholders—basic	$	(2.39)	$	(2.19)	$	(4.36)
Net (loss) per common share available to common stockholders—diluted	$	(2.39)	$	(2.19)	$	(4.36)

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


	For the Years Ended June 30,
	2021	2020	2019
Shares issuable under stock options	395,069	330,627	157,850
Shares issuable under convertible preferred stock	437,165	422,193	407,734
Shares issuable under PBRSUs	376,264	73,012	65,971