Net (Loss) Income Per Common Share

12 Months Ended

Jun. 30, 2023

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 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)	2023		2022		2021
Undistributed loss from continuing operations available to common stockholders	$	(30,766)	$	(1,939)	$	(29,272)
Undistributed loss from continuing operations available to nonvested restricted stockholders and holders of convertible preferred stock	$	(3,272)	$	(629)	$	(1,515)
Loss from continuing operations, net of cumulative preferred dividends unpaid and undeclared	$	(34,038)	$	(2,568)	$	(30,787)
Loss from discontinued operations available to common stockholders—basic	$	(45,142)	$	(13,687)	$	(11,438)
Net loss available to common stockholders—basic	$	(79,180)	$	(16,255)	$	(42,225)

Weighted average common shares outstanding—basic	19,621,992		18,200,080		17,635,402
Effect of dilutive securities:



Weighted average common shares outstanding—diluted	19,621,992		18,200,080		17,635,402
Loss from continuing operations per common share available to common stockholders—basic	$	(1.74)	$	(0.14)	$	(1.74)
Loss from continuing operations per common share available to common stockholders—diluted	$	(1.74)	$	(0.14)	$	(1.74)
Loss from discontinued operations per common share available to common stockholders—basic	$	(2.30)	$	(0.75)	$	(0.65)
Loss from discontinued operations per common share available to common stockholders—diluted	$	(2.30)	$	(0.75)	$	(0.65)
Net loss per common share available to common stockholders—basic	$	(4.04)	$	(0.89)	$	(2.39)
Net loss per common share available to common stockholders—diluted	$	(4.04)	$	(0.89)	$	(2.39)

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,
	2023	2022	2021
Shares issuable under stock options	331,658	452,537	395,069
Shares issuable under convertible preferred stock	—	452,667	437,165
Shares issuable under PBRSUs	491,564	426,243	376,264