Net Income (Loss) Per Common Share

6 Months Ended

Dec. 31, 2023

Note 17. Net Income (Loss) Per Common Share

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, RSUs 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). Potentially dilutive securities include unvested RSUs and performance-based restricted stock units. For the three and six months ended December 31, 2022, shares of the Company’s outstanding RSUs, PBRSUs and stock options were not included in the computation of diluted loss per common share as their effects were anti-dilutive.

The following table presents the computation of basic and diluted net earnings income (loss) per common share:


	Three Months Ended December 31,				Six Months Ended December 31,
(In thousands, except share and per share amounts)	2023		2022		2023		2022
Income (loss) from continuing operations available to common stockholders	$	2,704	$	(8,682)	$	1,397	$	(10,262)
Loss from discontinued operations available to common stockholders	—		(4,926)		—		(10,720)
Net income (loss) available to common stockholders—basic and diluted	2,704		(13,608)		1,397		(20,982)

Weighted average shares outstanding - basic	20,728,699		18,723,957		20,565,492		19,243,707
Effect of dilutive securities:

Shares issuable under RSUs and PBSRUs	188,863		—		174,811		—

Weighted average common shares outstanding - diluted	20,917,562		18,723,957		20,740,303		19,243,707
Income (loss) from continuing operations per share available to common stockholders—basic and diluted	$	0.13	$	(0.47)	$	0.07	$	(0.53)
Loss from discontinued operations per share available to common stockholders—basic and diluted	$	—	$	(0.26)	$	—	$	(0.56)
Net income (loss) per common share available to stockholders—basic and diluted	$	0.13	$	(0.73)	$	0.07	$	(1.09)