Earnings Per Share

12 Months Ended

Jun. 30, 2022

11. 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):


	Year Ended June 30,
	2022		2021		2020
Numerator
Net loss	$	(36,933)	$	(13,421)	$	(27,236)
Income allocated to participating securities	—		—		—
Net loss available to common stockholders	$	(36,933)	$	(13,421)	$	(27,236)
Denominator
Weighted average common shares outstanding — basic	39,229,734		38,832,002		34,275,957
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	39,229,734		38,832,002		34,275,957

Earnings per common share — basic and diluted	$	(0.94)	$	(0.35)	$	(0.79)

(1)At June 30, 2022, 2021 and 2020; 70,711, 85,406 and 42,528 shares of common stock, respectively, were subject to the exercising of outstanding stock options. 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 for all periods presented because those shares are anti-dilutive.

(2)At June 30, 2022, 2021, and 2020; 218,620, 282,763 and 247,197 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 all periods presented because those shares are anti-dilutive.

(3)At June 30, 2022, 2021, and 2020; 744,215, 760,584, and 660,622 shares of common stock, respectively, were subject to the vesting of performance-based restricted stock awards. 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 for all periods presented 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.