Net (Loss) Income Per Common Share

12 Months Ended

Jun. 30, 2022

Net (Loss) Per Common Share Basic net (loss) per common share is calculated by dividing net (loss) attributable to the Company by the weighted average number of common shares outstanding during the periods presented. Diluted net (loss) per common share is calculated by dividing diluted net (loss) attributable to the Company by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, unvested performance-based restricted stock units, and shares of Series A Preferred Stock, as converted, during the periods presented. The calculation of dilutive shares outstanding excludes out-of-the-money stock options (i.e., such option’s exercise prices were greater than the average market

price of our common shares for the period) and unvested performance-based restricted stock units because their inclusion would be have been anti-dilutive.

The following table presents the computation of basic and diluted loss per common share:


	For the Years Ended June 30,
(In thousands, except share and per share amounts)	2022		2021		2020
Undistributed net loss available to common stockholders	$	(15,626)	$	(40,710)	$	(37,462)
Undistributed net loss available to nonvested restricted stockholders and holders of convertible preferred stock	(629)		(1,515)		(179)
Net loss available to common stockholders—basic	$	(16,255)	$	(42,225)	$	(37,641)

Weighted average common shares outstanding—basic	18,200,080		17,635,402		17,205,849
Effect of dilutive securities:
Shares issuable under stock options	—		—		—


Weighted average common shares outstanding—diluted	18,200,080		17,635,402		17,205,849
Net loss per common share available to common stockholders—basic	$	(0.89)	$	(2.39)	$	(2.19)
Net loss per common share available to common stockholders—diluted	$	(0.89)	$	(2.39)	$	(2.19)

The following table summarizes anti-dilutive securities excluded from the computation of diluted net loss per common share for the periods indicated:


	For the Years Ended June 30,
	2022	2021	2020
Shares issuable under stock options	452,537	395,069	330,627
Shares issuable under convertible preferred stock	452,667	437,165	422,193
Shares issuable under PBRSUs	426,243	376,264	73,012