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Earnings Per Share
 9 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The following table presents a reconciliation of the numerators and denominators used in the basic and diluted earnings per common share computations (in thousands except share and per share amounts):
 
Three Months Ended 
 March 31,
 
Nine Months Ended 
 March 31,
 
2017
 
2016
 
2017
 
2016
Numerator
 
 
 
 
 
 
 
Net loss
$
(1,749
)
 
$
(22,716
)
 
$
(2,564
)
 
$
(51,140
)
Denominator
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
32,650,974

 
32,711,341

 
32,232,409

 
32,491,271

Effect of dilutive stock options(1)
—

 
—

 
—

 
—

Effect of dilutive restricted stock units(2)
—

 
—

 
—

 
—

Effect of performance-based restricted stock awards(3)
—

 
—

 
—

 
—

Weighted average common shares outstanding – diluted
32,650,974

 
32,711,341

 
32,232,409

 
32,491,271

 
 
 
 
 
 
 
 
Earnings per common share – basic
$
(0.05
)
 
$
(0.69
)
 
$
(0.08
)
 
$
(1.57
)
Earnings per common share – diluted
$
(0.05
)
 
$
(0.69
)
 
$
(0.08
)
 
$
(1.57
)

(1)
At March 31, 2017 and 2016, 106,694 and 606,879 stock options, respectively, were outstanding. The effect of the shares that would be issued upon exercise of these options has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.
(2)
At March 31, 2017 and 2016, 349,430 and 305,031 additional shares of common stock, respectively, were issuable upon the settlement of outstanding restricted stock units. The effect of the shares that would be issued upon settlement of these restricted stock units has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.
(3)
At March 31, 2017, 334,505 performance-based restricted stock awards were outstanding. The effect of the shares that would be issued upon vesting of these awards has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.

Unvested time-based restricted stock awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to the Company are allocated between common stockholders and the participating awards, as if the awards were a second class of stock. During periods of net income, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. During the three months and nine months ended March 31, 2017 and 2016, there were no undistributed earnings allocated to participating securities due to the net losses.