Earnings (Loss) per Common Share

6 Months Ended

Dec. 31, 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				Six Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
Numerator
Net income (loss)	$	10,387	$	6,833	$	21,094	$	12,051
Undistributed earnings allocated to unvested restricted stock		(162)		(143)		(274)		(245)
Net income (loss) for earnings per share calculation	$	10,225	$	6,690	$	20,820	$	11,806
Denominator
Weighted average number of common shares outstanding — Basic		33,174		32,929		33,154		32,896
Effect of dilutive securities:
Unvested restricted stock awards		206		333		195		297
Unvested contingent restricted stock units		14		—		7		—
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share		33,394		33,262		33,356		33,193
Net income (loss) per common share — Basic	$	0.31	$	0.20	$	0.63	$	0.36
Net income (loss) per common share — Diluted	$	0.31	$	0.20	$	0.62	$	0.36

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 90,000 and 49,000 for the three and six months ended December 31, 2022, respectively, 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 13,000 for the six months ended December 31, 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.