Net Loss Per Common Share

9 Months Ended

Mar. 31, 2023

Note 16. 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)	2023		2022		2023		2022
Undistributed net loss available to common stockholders	$	(11,423)	$	(3,993)	$	(32,404)	$	(11,854)
Undistributed net loss available to nonvested restricted stockholders and holders of convertible preferred stock	—		(196)		—		(474)
Net loss available to common stockholders - basic	$	(11,423)	$	(4,189)	$	(32,404)	$	(12,328)

Weighted average common shares outstanding - basic	19,923,577		18,289,815		19,467,022		18,118,469
Effect of dilutive securities:
Shares issuable under stock options	—		—		—		—


Weighted average common shares outstanding - diluted	19,923,577		18,289,815		19,467,022		18,118,469
Net loss available to common stockholders per common share—basic	$	(0.57)	$	(0.23)	$	(1.66)	$	(0.68)
Net loss available to common stockholders per common share—diluted	$	(0.57)	$	(0.23)	$	(1.66)	$	(0.68)

The following table summarizes weighted average 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,
	2023	2022	2023	2022
Shares issuable under stock options	393,587	467,124	393,587	471,380
Shares issuable under convertible preferred stock	—	448,741	—	448,741
Shares issuable under PBRSUs	549,291	495,073	472,392	454,110