Net (Loss) Income Per Common Share

9 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

(6) Net (Loss) Income Per Common Share

Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:

	Nine Months Ended March 31,				Three Months Ended March 31,
	2018		2017		2018		2017
Weighted average shares outstanding		35,162		31,453		35,304		34,769
Dilutive effect of stock options and restricted stock awards and units		-		339		-		352
Diluted weighted average shares outstanding		35,162		31,792		35,304		35,121

The effect of approximately 100 and 181 common equivalent shares for the three and nine months ended March 31, 2018, respectively, was excluded from the diluted weighted average shares outstanding due to a net loss for the periods. There were 170 and 143 common equivalent shares outstanding for the three and nine months ended March 31, 2018, respectively, that were not included in the calculation of diluted net income per common share because their effect would have been anti-dilutive.

The weighted average shares outstanding for the three and nine months ended March 31, 2018 includes the effect of 5,122 shares to be issued beginning on December 21, 2019 in connection with the acquisition of certain products and related assets from Citron and Lucid (see Note 3).

The Convertible Senior Notes (see Note 7) will only be included in the dilutive net income per share calculations using the treasury stock method during periods in which the average market price of Aceto’s common stock is above the applicable conversion price of the Convertible Senior Notes, or $33.215 per share, and the impact would not be anti-dilutive.