Net Income (loss) Per Common Share

9 Months Ended

Mar. 31, 2022

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 net earnings loss per common share:


	Three Months Ended March 31,				Nine Months Ended March 31,
(In thousands, except share and per share amounts)	2022		2021		2022		2021
Undistributed net loss available to common stockholders	$	(3,993)	$	(13,234)	$	(11,854)	$	(36,601)
Undistributed net loss available to nonvested restricted stockholders and holders of convertible preferred stock	(196)		(594)		(474)		(1,507)
Net loss available to common stockholders - basic	$	(4,189)	$	(13,828)	$	(12,328)	$	(38,108)

Weighted average common shares outstanding - basic	18,289,815		17,756,619		18,118,469		17,569,026
Effect of dilutive securities:
Shares issuable under stock options	—		—		—		—
Shares issuable under PBSRUs	—		—		—		—
Shares issuable under convertible preferred stock	—		—		—		—
Weighted average common shares outstanding - diluted	18,289,815		17,756,619		18,118,469		17,569,026
Net loss available to common stockholders per common share—basic	$	(0.23)	$	(0.78)	$	(0.68)	$	(2.17)
Net loss available to common stockholders per common share—diluted	$	(0.23)	$	(0.78)	$	(0.68)	$	(2.17)

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 March 31,		Nine Months Ended March 31,
	2022	2021	2022	2021
Shares issuable under stock options	467,124	421,167	471,380	421,167
Shares issuable under convertible preferred stock	448,741	433,373	448,741	433,373
Shares issuable under PBRSUs	495,073	185,236	454,110	104,271