Net Income (Loss) Per Common Share

6 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

(5) Net Income (Loss) Per Common Share

Basic income (loss) per common share is based on the weighted average number of common shares outstanding during the period. Diluted income (loss) 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:

	Six Months Ended  December 31,				Three Months Ended  December 31,
	2016		2015		2016		2015
Weighted average shares outstanding		29,831		29,049		30,029		29,115
Dilutive effect of stock options and restricted stock awards and units		332		446		-		484
Diluted weighted average shares outstanding		30,163		29,495		30,029		29,599

The effect of approximately 342 common equivalent shares for the three months ended December 31, 2016 was excluded from the diluted weighted average shares outstanding due to a net loss for the period.

The weighted average shares outstanding for the six months and three months ended December 31, 2016 includes the effect of 5,122 shares to be issued in connection with the acquisition of certain products and related assets from Citron and Lucid (see Note 2).

The Convertible Senior Notes (see Note 6) 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.