The Company reports both basic and diluted 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):

	Three Months Ended March 31,					Nine Months Ended March 31,
	2020		2019			2020		2019
Numerator:
Net income (loss)	$	2,625	$	(1,184	)	$	3,979	$	(15,030	)
Denominator:
Weighted average shares outstanding - basic		90,476		87,962			89,585		87,220
Dilutive effect of potential common shares		379		—			844		—
Weighted average shares outstanding - diluted		90,855		87,962			90,429		87,220
Basic net income (loss) per share	$	0.03	$	(0.01	)	$	0.04	$	(0.17	)
Diluted net income (loss) per share	$	0.03	$	(0.01	)	$	0.04	$	(0.17	)

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 (RSUs), Market Stock Units (MSUs) and Performance Stock Units (PSUs), and the purchase of shares under the Employee Stock Purchase Program (ESPP), as determined under the treasury stock method, are included in the calculation of diluted net income per share only if their inclusion is dilutive. Additionally, the 3.75% Convertible 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 March 31,
	2020		2019
Stock options		5,991		5,199
RSUs, PSUs and MSUs		4,079		3,744
		10,070		8,943

The 3.75% Convertible Notes have an optional physical (share), cash or combination settlement feature and contain certain conditional conversion features. Due to the optional cash settlement feature and management’s intent to settle the principal amount thereof in cash, the shares of our common stock issuable upon conversion of the outstanding principal amount of the 3.75% Convertible Notes as of March 31, 2020, totaling approximately 14.9 million shares of our common stock, were not included in the basic and diluted net loss per common share table above.