Loss Per Common Share

6 Months Ended

Dec. 31, 2022

Loss Per Common Share

Loss Per Common Share

Note 14. Loss Per Common Share

A reconciliation of the Company’s basic and diluted loss per common share was as follows:

	Three Months Ended
	December 31,
(In thousands, except share and per share data)	2022		2021
Numerator:
Net loss	$	(36,308)	$	(81,085)
Net income allocated to participating securities for the Warrants		—		—
Interest expenses applicable to the Convertible Notes, net of tax		—		—
Amortization of debt issuance costs applicable to the Convertible Notes, net of tax		—		—
Adjusted "if-converted" net loss	$	(36,308)	$	(81,085)
Denominator:
Basic weighted average common shares outstanding		41,170,839		40,358,127
Effect of potentially dilutive options, restricted stock awards and performance-based shares		—		—
Effect of conversion of the Convertible Notes		—		—
Effect of participating securities for the Warrants		—		—
Diluted weighted average common shares outstanding		41,170,839		40,358,127
Loss per common share:
Basic	$	(0.88)	$	(2.01)
Diluted	$	(0.88)	$	(2.01)

	Six Months Ended
	December 31,
(In thousands, except share and per share data)	2022		2021
Numerator:
Net loss	$	(64,327)	$	(103,427)
Net income allocated to participating securities for the Warrants		—		—
Interest expenses applicable to the Convertible Notes, net of tax		—		—
Amortization of debt issuance costs applicable to the Convertible Notes, net of tax		—		—
Adjusted "if-converted" net loss	$	(64,327)	$	(103,427)
Denominator:
Basic weighted average common shares outstanding		41,056,607		40,142,974
Effect of potentially dilutive options, restricted stock awards and performance-based shares		—		—
Effect of conversion of the Convertible Notes		—		—
Effect of participating securities for the Warrants		—		—
Diluted weighted average common shares outstanding		41,056,607		40,142,974
Loss per common share:
Basic	$	(1.57)	$	(2.58)
Diluted	$	(1.57)	$	(2.58)

In accordance with ASC 260, Earnings per share, the Company computes earnings (loss) per share using the two-class method, which requires an allocation of earnings between the holders of common stock and the Company’s participating security holders. Basic earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders, which excludes the income allocated to participating security holders, by the basic weighted average common shares outstanding. For purposes of determining diluted earnings per share, the Company further adjusts the basic earnings per share to include the effect of potentially dilutive shares outstanding, including options, restricted stock awards, performance-based shares, the Convertible Notes, and the Warrants. In this calculation, the Company reallocates net income based on the rights of each potentially dilutive share and will report the most dilutive earnings (loss) per share. Because the Warrants do not participate in losses, the Company will allocate undistributed earnings when calculating basic and diluted earnings per share in periods of net income only. The effect of the Warrants is excluded from the calculation of basic and diluted loss per share for the three and six months ended December 31, 2022 and 2021.

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the three and six months ended December 31, 2022 and 2021 were 7.3 million and 8.1 million, respectively. The effect of potentially dilutive shares was excluded from the calculation of diluted loss per share in the three and six months ended December 31, 2022 and 2021 because the effect of including such securities would be anti-dilutive.