Earnings (Loss) per Common Share

12 Months Ended

Jun. 30, 2022

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 13. Earnings (Loss) per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share, reflecting the application of the two-class method (in thousands, except per share amounts):

	Years Ended
	June 30, 2022		June 30, 2021
Numerator
Net income (loss)	$	32,628	$	(16,438)
Undistributed earnings allocated to unvested restricted stock		(673)		(65)
Net income (loss) for earnings per share calculation	$	31,955	$	(16,503)
Denominator
Weighted average number of common shares outstanding — Basic		32,952		32,744
Effect of dilutive securities:
Unvested restricted stock		354		—
Contingent restricted stock grants		—		—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share		33,306		32,744
Net earnings (loss) per common share — Basic	$	0.97	$	(0.50)
Net earnings (loss) per common share — Diluted	$	0.96	$	(0.50)

Unvested Restricted Stock (both service-based and performance-based), totaling approximately 20,000 for the year ended June 30, 2022 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

Unvested Restricted Stock (both service-based and performance-based), totaling 0.3 million for the year ended June 30, 2021, were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive due to the net loss.

In addition, unvested performance-based restricted stock and unvested contingent restricted share units that would not meet the performance criteria as of the period end are excluded from the computation of diluted earnings per common share.