8. Net Income (Loss) Per Common Share

12 Months Ended

Apr. 30, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 8 – Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing our net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing our net income (loss) attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding during the period plus the potential dilutive effects of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, warrants, Series E Preferred Stock, and Convertible Notes outstanding during the period.

Net income attributable to common stockholders represents our net income less Series E Preferred Stock accumulated dividends and impact of Series E Preferred Stock redemption. Net loss attributable to common stockholders represents our net loss plus Series E Preferred Stock accumulated dividends. Series E Preferred Stock accumulated dividends include dividends declared for the period (regardless of whether or not the dividends have been paid) and dividends accumulated for the period (regardless of whether or not the dividends have been declared).

The potential dilutive effect of stock options, unvested RSUs, shares of common stock expected to be issued under our ESPP, and warrants outstanding during the period are calculated in accordance with the treasury stock method, but are excluded if their effect is anti-dilutive. The potential dilutive effect of our Series E Preferred Stock and Convertible Notes outstanding during the period are calculated using the if-converted method assuming the conversion of Series E Preferred Stock and Convertible Notes as of the earliest period reported or at the date of issuance, if later, but are excluded if their effect is anti-dilutive. A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands, expect per share amounts):

	Fiscal Year Ended April 30,
	2021			2020			2019
Numerator
Net income (loss)	$	11,212		$	(10,466	)	$	(4,215	)
Series E preferred stock accumulated dividends		(4,455	)		(4,686	)		(4,686	)
Impact of Series E preferred stock redemption		(3,439	)		–			–
Net income (loss) attributable to common stockholders	$	3,318		$	(15,152	)	$	(8,901	)
Denominator
Weighted average common shares outstanding, basic		58,222			56,326			55,981
Effect of dilutive securities:
Stock options		909			–			–
RSUs		272			–			–
ESPP		23			–			–
Weighted average common shares outstanding, dilutive		59,426			56,326			55,981
Net income (loss) per share, basic:	$	0.06		$	(0.27	)	$	(0.16	)
Net income (loss) per share, dilutive	$	0.06		$	(0.27	)	$	(0.16	)

The following table presents the potential dilutive securities excluded from the calculation of diluted net income (loss) per share for the periods presented as the effect of their inclusion would have been anti-dilutive (in thousands):

	Fiscal Year Ended April 30,
	2021		2020		2019
Stock options		829		2,795		2,851
RSUs		–		83		68
ESPP		–		7		11
Warrants		–		–		13
Series E Preferred Stock		1,864		1,979		1,979
Convertible senior notes		928		–		–
Total		3,621		4,864		4,922