Net Income (loss) Per Common Share

6 Months Ended

Dec. 31, 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 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) and unvested performance-based restricted stock units because their inclusion would 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)	2021		2020		2021		2020
Undistributed net loss available to common stockholders	$	(5,334)	$	(17,223)	$	(7,830)	$	(23,509)
Undistributed net loss available to nonvested restricted stockholders and holders of convertible preferred stock	(234)		(645)		(309)		(772)
Net loss available to common stockholders—basic	$	(5,568)	$	(17,868)	$	(8,139)	$	(24,281)

Weighted average common shares outstanding—basic	18,106,151		17,531,521		18,034,658		17,477,268
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	18,106,151		17,531,521		18,034,658		17,477,268
Net loss available to common stockholders per common share—basic	$	(0.31)	$	(1.02)	$	(0.45)	$	(1.39)
Net loss available to common stockholders per common share—diluted	$	(0.31)	$	(1.02)	$	(0.45)	$	(1.39)

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


	Three Months Ended December 31,		Six Months Ended December 31,
	2021	2020	2021	2020
Shares issuable under stock options	481,429	545,797	487,088	545,797
Shares issuable under convertible preferred stock	444,849	429,614	444,849	429,614
Shares issuable under PBRSUs	498,210	81,070	437,211	82,189