Earnings per Common Share

Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director stock options and nonvested deferred shares. Stock options are considered dilutive whenever the exercise price is less than the average market price of the stock during the period and antidilutive whenever the exercise price exceeds the average market price of the common stock during the period. Nonvested deferred shares are considered dilutive (antidilutive) whenever the average market value of the shares during the period exceeds (is less than) the sum of the related average unamortized compensation expense during the period plus the related hypothetical estimated excess tax benefit that will be realized when the shares vest. Stock options and nonvested deferred shares are considered antidilutive in the event we report a net loss.

The computation of basic and diluted EPS is as follows:



	Fiscal Years Ended
	June 30, 2018			June 30, 2017			June 30, 2016
	(In thousands, except per share data)
Basic EPS:
Net income (loss) attributable to Matrix Service Company	$	(11,480	)	$	(183	)	$	28,863
Weighted average shares outstanding	26,769			26,533			26,597
Basic earnings (loss) per share	$	(0.43	)	$	(0.01	)	$	1.09
Diluted EPS:
Weighted average shares outstanding—basic	26,769			26,533			26,597
Dilutive stock options	—			—			68
Dilutive nonvested deferred shares	—			—			435
Diluted weighted average shares	26,769			26,533			27,100
Diluted earnings (loss) per share	$	(0.43	)	$	(0.01	)	$	1.07

The following securities are considered antidilutive and have been excluded from the calculation of diluted earnings (loss) per share:



	Fiscal Years Ended
	June 30, 2018	June 30, 2017	June 30, 2016
	(In thousands of shares)
Stock options	31	43	—
Nonvested deferred shares	424	430	56
Total antidilutive securities	455	473	56