Earnings (Loss) per Common Share

3 Months Ended

Sep. 30, 2022

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 12. 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):

	Three Months Ended
	September 30,
	2022		2021
Numerator
Net income (loss)	$	10,707	$	5,218
Undistributed earnings allocated to unvested restricted stock		(111)		(103)
Net income (loss) for earnings per share calculation	$	10,596	$	5,115
Denominator
Weighted average number of common shares outstanding — Basic		33,134		32,863
Effect of dilutive securities:
Unvested restricted stock awards		184		263
Unvested contingent restricted stock units		1		—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share		33,319		33,126
Net earnings (loss) per common share — Basic	$	0.32	$	0.16
Net earnings (loss) per common share — Diluted	$	0.32	$	0.15

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 8,000 for the three months ended September 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 awards (time-vested), totaling approximately 26,000 for the three months ended September 30, 2021 were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive.

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