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Net Income (Loss) Per Common Share
 9 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Common Share

Note 11. Net Income (Loss) Per Common Share

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding share awards. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per common share is as follows (in thousands, except for per share amounts):

 

 

 

Three Months Ended
March 31,

 

 

Nine Months Ended
March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(6,342

)

 

$

599

 

 

$

(18,932

)

 

$

(6,724

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

99,197

 

 

 

95,522

 

 

 

97,838

 

 

 

94,532

 

Dilutive effect of potential common shares

 

 

—

 

 

 

1,933

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding - diluted

 

 

99,197

 

 

 

97,455

 

 

 

97,838

 

 

 

94,532

 

Basic net income (loss) per share

 

$

(0.06

)

 

$

0.01

 

 

$

(0.19

)

 

$

(0.07

)

Diluted net income (loss) per share

 

$

(0.06

)

 

$

0.01

 

 

$

(0.19

)

 

$

(0.07

)

Anti-dilutive share-based awards, excluded

 

 

14,514

 

 

 

6,495

 

 

 

14,514

 

 

 

14,402

 

 

The potentially dilutive shares of the Company’s common stock 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 2026 are included in the calculation of diluted net loss per share only if their inclusion is dilutive for periods during which the 3.75% Convertible Notes due 2026 were outstanding. The shares of common stock issuable upon conversion of the outstanding principal amount of the 3.75% Convertible Notes due 2026 as of three and nine months ended March 31, 2024 and 2023 totaled approximately 17.1 million shares and were not included in the basic and diluted net income (loss) per common share as the effect of adding the shares were anti-dilutive.