Earnings per Common Share (Notes)

3 Months Ended

Sep. 30, 2020

Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares. In the event we report a loss, stock options and nonvested deferred shares are not included since they are anti-dilutive.

The computation of basic and diluted earnings per share is as follows:


	Three Months Ended
	September 30, 2020		September 30, 2019
	(In thousands, except per share data)
Basic EPS:
Net income (loss)	$	(3,037)	$	6,151
Weighted average shares outstanding	26,265		26,935
Basic earnings (loss) per share	$	(0.12)	$	0.23
Diluted EPS:
Weighted average shares outstanding – basic	26,265		26,935
Dilutive stock options	—		25
Dilutive nonvested deferred shares	—		615
Diluted weighted average shares	26,265		27,575
Diluted earnings (loss) per share	$	(0.12)	$	0.22

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:


	Three Months Ended
	September 30, 2020	September 30, 2019
	(In thousands)
Stock options	54	—
Nonvested deferred shares	882	269
Total antidilutive securities	936	269