Net Income (Loss) Per Common Share

6 Months Ended

Dec. 31, 2022

Note 12. Net Income (Loss) Per Common Share

The Company reports both basic and diluted net income (loss) per share, which is based on the weighted average number of common shares outstanding during the period. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per common share follows (in thousands, except for per share amounts):


	Three Months Ended December 31,					Six Months Ended December 31,
	2022			2021		2022			2021
Numerator:
Net income (loss)	$	(1,874	)	$	179	$	(7,323	)	$	(849	)
Denominator:
Weighted average shares outstanding - basic		94,567			91,761		94,048			91,299
Dilutive effect of potential common shares		—			2,171		—			—
Weighted average shares outstanding - diluted		94,567			93,932		94,048			91,299
Basic net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)
Diluted net income (loss) per share	$	(0.02	)	$	0.00	$	(0.08	)	$	(0.01	)

The potentially dilutive shares of the Company’s common stock resulting from the assumed exercise of outstanding stock options, the vesting of Restricted Stock Units (RSU), Performance Stock Units (PSU), and the purchase of shares under the Employee Stock Purchase Program, as determined under the treasury stock method, are excluded from the computation of diluted net income (loss) per share when their effect would have been anti‑dilutive. Additionally, the outstanding 3.75% Convertible Notes due 2022 and the 3.75% Convertible Notes due 2026 (collectively, the “Notes”) are included in the calculation of diluted net income per share only if their inclusion is dilutive for periods during which the notes were outstanding.

The following table sets forth all potentially dilutive securities excluded from the computation in the table above because their effect would have been anti-dilutive (in thousands):


	As of December 31,
	2022		2021
Stock options		6,740		6,334
RSUs and PSUs		8,170		4,452
Notes		17,056		17,557
		31,966		28,343