Earnings Per Share (Tables)

3 Months Ended

Sep. 30, 2020

Reconciliation of Numerators and Denominators Used in Basic and Diluted Earnings Per Common Share Computations

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
	September 30,
		2020		2019
Numerator
Net (loss) income		$	(2,076)	$	(5,780)
Income allocated to participating securities		—		—
Net (loss) income available to common stockholders		$	(2,076)	$	(5,780)
Denominator
Weighted average common shares outstanding – basic(1)		38,683,839		33,870,224

Effect of dilutive restricted stock units(2)		—		—
Effect of performance-based restricted stock awards(3)		—		—

Weighted average common shares outstanding – diluted		38,683,839		33,870,224

Earnings per common share – basic and diluted		$	(0.05)	$	(0.17)

(1)The increase in weighted average shares outstanding is primarily from the Company's offering of common stock completed in June 2020.

(2)At September 30, 2020 and 2019, 279,019 and 365,973 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 for the three months ended September 30, 2020 and 2019, because those shares are anti-dilutive.

(3)At September 30, 2020 and 2019, 761,382 and 663,273 performance-based restricted stock awards, respectively, were outstanding. The effect of the potential vesting of these awards has been excluded from the calculation of diluted loss per share for the three months ended September 30, 2020 and 2019, because those shares are anti-dilutive.