EARNINGS (LOSS) PER SHARE

6 Months Ended

Dec. 31, 2021

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Numerator:
Net income (loss) from continuing operations	$	30,889	$	2,151	$	50,300	$	(8,630)
Net (loss) income from discontinued operations	—		(11)		—		11,255
Net income	$	30,889	$	2,140	$	50,300	$	2,625

Denominator:
Basic weighted average shares outstanding	94,036		100,117		95,579		100,837
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units	772		445		544		—
Diluted weighted average shares outstanding	94,808		100,562		96,123		100,837

Basic net income (loss) per common share:
Continuing operations	$	0.33	$	0.02	$	0.53	$	(0.09)
Discontinued operations	—		—		—		0.11
Basic net income per common share	$	0.33	$	0.02	$	0.53	$	0.02

Diluted net income (loss) per common share:
Continuing operations	$	0.33	$	0.02	$	0.52	$	(0.09)
Discontinued operations	—		—		—		0.11
Diluted net income per common share	$	0.33	$	0.02	$	0.52	$	0.02

There were 316 and 211 restricted stock awards excluded from our calculation of diluted net income per share for the three months ended December 31, 2021 and 2020, respectively, as such awards were anti-dilutive. There were 158 and 709 restricted stock awards and stock options excluded from the calculation of diluted net income (loss) per share for the six months ended December 31, 2021 and 2020, respectively, as such awards were anti-dilutive. Due to the net loss from continuing operations in the six months ended December 31, 2020, all common stock equivalents such as stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per common share because the effect would have been anti-dilutive to the computations in the period.

Additionally, 76 and 1,419 stock-based awards outstanding at December 31, 2021 and 2020, respectively, were excluded from the calculation of diluted net income (loss) per share for the three and six months ended December 31, 2021 and 2020, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods.

Share Repurchase Program

In June 2017 and August 2021, the Company's Board of Directors authorized the repurchase of up to $250,000 and $300,000 of the Company’s issued and outstanding common stock, respectively. Share repurchases under the 2021 authorization commenced in August 2021, after the 2017 authorization was fully utilized. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. In November 2021, the Company entered into a share repurchase agreement with affiliates of Engaged Capital, LLC (collectively, the “Selling Stockholders”), pursuant to which the Company repurchased 1,700 shares directly from the Selling Stockholders at a price of $45.00 per share (see Note 19, Related Party Transactions). During the six months ended December 31, 2021, the Company repurchased 6,552 shares under the repurchase program, inclusive of the shares repurchased from the Selling Stockholders, for a total of $265,420, excluding commissions, at an average price of $40.50 per share. As of December 31, 2021, the Company had $116,980 of remaining authorization under the share repurchase program. During the six months ended December 31, 2020, the Company repurchased 2,204 shares under the repurchase program for a total of $71,693,

excluding commissions, at an average price of $32.53 per share. In January 2022, the Company's Board of Directors authorized the repurchase of up to an additional $200,000 of shares, which will commence after the 2021 authorization is fully utilized.