EARNINGS (LOSS) PER SHARE

The following table reconciles earnings (loss) per share for the three months ended October 31, 2019 and 2018:



	Three Months Ended October 31,
	2019			2018
	(In thousands, except per share data)
Net income (loss)	$	4,792		$	(7,365	)
Less: Preferred dividends on redeemable preferred stock	(536		)	(536		)
Net income (loss) attributable to common stockholders	4,256			(7,901		)
Effect of dilutive securities:
7.50% Convertible Senior Note	592			—
Redeemable preferred stock	536			—
Net income (loss) attributable to common stockholders after assumed conversions	$	5,384		$	(7,901	)
Weighted average common shares outstanding	61,401			60,712
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible note and convertible preferred stock	24,605			—
Weighted average number of common and potential common shares	86,006			60,712
Basic earnings (loss) per share attributable to common stockholders	$	0.07		$	(0.13	)
Diluted net earnings (loss) per share attributable to common stockholders	$	0.06		$	(0.13	)

Basic earnings (loss) 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 months ended October 31, 2019 and 2018, approximately 0.3 million and 29.5 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.