Earnings per Common Share

12 Months Ended

Jun. 30, 2022

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, 2022		June 30, 2021		June 30, 2020
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(63,900)	$	(31,224)	$	(33,074)
Weighted average shares outstanding	26,733		26,451		26,621
Basic loss per share	$	(2.39)	$	(1.18)	$	(1.24)
Diluted EPS:
Weighted average shares outstanding—basic	26,733		26,451		26,621


Diluted weighted average shares	26,733		26,451		26,621
Diluted loss per share	$	(2.39)	$	(1.18)	$	(1.24)