Earnings Per Share

Our basic earnings per share ("EPS") is computed based on the weighted average number of common shares (including vested but unissued stock units, share units, performance shares and restricted stock units ("RSUs")), outstanding during each respective period. Our diluted EPS reflects the dilution from potential common stock issuable pursuant to the exercise of equity-classified stock-based awards, if dilutive, outstanding during each respective period. Pursuant to FASB ASC 260 "Earnings Per Share," equity-classified stock-based awards that are subject to performance conditions are not considered in our diluted EPS calculations until the respective performance conditions have been satisfied. When calculating our diluted earnings per share, we consider the amount an employee must pay upon assumed exercise of stock-based awards and the amount of stock-based compensation cost attributed to future services and not yet recognized.

There were no repurchases of our common stock during the three or nine months ended April 30, 2020 or 2019. See Note (18) - "Stockholders’ Equity" for more information.

Weighted average stock options, RSUs and restricted stock outstanding of 1,440,000 and 1,674,000 for the three months ended April 30, 2020 and 2019, respectively, and 642,000 and 1,103,000 for the nine months ended April 30, 2020 and 2019, respectively, were not included in our diluted EPS calculation because their effect would have been anti-dilutive.

Our EPS calculations exclude 203,000 and 246,000 weighted average performance shares outstanding for the three months ended April 30, 2020 and 2019, respectively, and 201,000 and 242,000 for the nine months ended April 30, 2020 and 2019, respectively, as the performance conditions have not yet been satisfied. However, net income (the numerator) for EPS calculations for each respective period, is reduced by the compensation expense related to these awards.

The following table reconciles the numerators and denominators used in the basic and diluted EPS calculations:



	Three months ended April 30,				Nine months ended April 30,
	2020			2019	2020		2019
Numerator:
Net (loss) income for basic calculation	$	(3,989,000	)	7,612,000	$	5,894,000	18,906,000
Numerator for diluted calculation	$	(3,989,000	)	7,612,000	$	5,894,000	18,906,000

Denominator:
Denominator for basic calculation	24,982,000			24,192,000	24,730,000		24,074,000
Effect of dilutive securities:
Stock-based awards	—			138,000	162,000		189,000
Denominator for diluted calculation	24,982,000			24,330,000	24,892,000		24,263,000