Earnings (Loss) per Common Share

6 Months Ended

Dec. 31, 2023

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 11. 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,
	2023		2022		2023		2022
Numerator
Net income (loss)	$	1,082	$	10,387	$	2,556	$	21,094
Undistributed earnings allocated to unvested restricted stock		(24)		(162)		(51)		(274)
Net income (loss) for earnings per share calculation	$	1,058	$	10,225	$	2,505	$	20,820
Denominator
Weighted average number of common shares outstanding — Basic		32,693		33,174		32,676		33,154
Effect of dilutive securities:
Unvested restricted stock awards		171		206		225		195
Unvested contingent restricted stock units		36		14		39		7
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share		32,900		33,394		32,940		33,356
Net income (loss) per common share — Basic	$	0.03	$	0.31	$	0.08	$	0.63
Net income (loss) per common share — Diluted	$	0.03	$	0.31	$	0.08	$	0.62

Unvested restricted stock awards (both time-vested and performance-based), totaling approximately 0.2 million and 0.1 million for the three and six months ended December 31, 2023, 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 (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.

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.