(15) EARNINGS PER SHARE

The Company calculates earnings per share in accordance with ASC Topic 260, “Earnings per Share.” The following table reconciles earnings per share for the three and nine months ended April 30, 2018 and 2017:


	Three Months Ended						Nine Months Ended
	April 30,						April 30,
	2018			2017			2018			2017
	(In thousands, except per share data)
Net income (loss)	$	(10,333	)	$	(5,067	)	$	44,248		$	(16,516	)
Less: Preferred dividends on redeemable preferred stock		(529	)		—			(788	)		—

Net income (loss) attributable to common stockholders		(10,862	)		(5,067	)		43,460			(16,516	)

Effect of dilutive securities:
5.25% Convertible Senior Notes		—			—			5,248			—
Redeemable preferred stock		—			—			788			—

Net income (loss) attributable to common stockholders after assumed conversions	$	(10,862	)	$	(5,067	)	$	49,496		$	(16,516	)

Weighted average common shares outstanding		60,076			55,257			58,281			55,099
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible notes and convertible preferred stock		—			—			20,653			—

Weighted average number of common and potential common shares		60,076			55,257			78,934			55,099

Basic net earning (loss) per share attributable to common stockholders:	$	(0.18	)	$	(0.09	)	$	0.75		$	(0.30	)
Diluted net earning (loss) per share attributable to common stockholders:	$	(0.18	)	$	(0.09	)	$	0.63		$	(0.30	)

Basic earnings per common share is calculated using the weighted-average number of common shares outstanding during the period. Diluted earnings per common share, if any, gives effect to diluted stock options (calculated based on the treasury stock method), non-vested restricted stock shares purchased under the employee stock purchase plan and shares issuable upon debt or preferred stock conversion (calculated using an as-if converted method).

For the three and nine months ended April 30, 2018, approximately 29.6 million and 0.5 million, respectively, common stock equivalent shares were excluded from the denominator in the calculation of diluted earnings per share as their inclusion would have been antidilutive.

For the three and nine months ended April 30, 2017, approximately 13.9 million and 14.3 million, respectively, common stock equivalent shares were excluded from the denominator in the calculation of diluted earnings per share as their inclusion would have been antidilutive.