Net Income Per Common Share

9 Months Ended

Mar. 31, 2017

(5) Net 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,
	2017		2016		2017		2016

Weighted average shares outstanding		31,453		29,085		34,769		29,158
Dilutive effect of stock options and restricted stock awards and units		339		451		352		462
Diluted weighted average shares outstanding		31,792		29,536		35,121		29,620

The weighted average shares outstanding for the nine months and three months ended March 31, 2017 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.