Earnings per Common Share

12 Months Ended

Jun. 30, 2020

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, 2020		June 30, 2019		June 30, 2018
	(In thousands, except per share data)
Basic EPS:
Net income (loss)	$	(33,074)	$	27,982	$	(11,480)
Weighted average shares outstanding	26,621		26,891		26,769
Basic earnings (loss) per share	$	(1.24)	$	1.04	$	(0.43)
Diluted EPS:
Weighted average shares outstanding—basic	26,621		26,891		26,769
Dilutive stock options	—		28		—
Dilutive nonvested deferred shares	—		668		—
Diluted weighted average shares	26,621		27,587		26,769
Diluted earnings (loss) per share	$	(1.24)	$	1.01	$	(0.43)

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


	Fiscal Years Ended
	June 30, 2020	June 30, 2019	June 30, 2018
	(In thousands of shares)
Stock options	19	—	31
Nonvested deferred shares	662	160	424
Total antidilutive securities	681	160	455