Earnings (Loss) Per Common Share

6 Months Ended

Dec. 31, 2018

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

Note 15.  Earnings (Loss) Per Common Share

A dual presentation of basic and diluted earnings (loss) per common share is required on the face of the Company’s Consolidated Statement of Operations as well as a reconciliation of the computation of basic earnings per common share to diluted earnings per common share.  Basic earnings (loss) per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period.  Diluted earnings (loss) per common share is computed using the treasury stock method and includes the effect of potential dilution from the exercise of outstanding stock options and treats unvested restricted stock and performance-based shares as if they were vested.  Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of including such securities would be anti-dilutive.  A reconciliation of the Company’s basic and diluted earnings (loss) per common share was as follows:

	Three Months Ended
	December 31,
(In thousands, except share and per share data)	2018		2017
Net income	$	12,362	$	14,022
Basic weighted average common shares outstanding		37,761,176		37,066,902
Effect of potentially dilutive stock options and restricted stock awards		1,351,371		1,223,456
Diluted weighted average common shares outstanding		39,112,547		38,290,358
Earnings per common share:
Basic	$	0.33	$	0.38
Diluted	$	0.32	$	0.37

	Six Months Ended
	December 31,
(In thousands, except share and per share data)	2018		2017
Net income (loss)	$	(275,166)	$	27,279
Basic weighted average common shares outstanding		37,674,200		37,029,483
Effect of potentially dilutive stock options and restricted stock awards		—		1,058,343
Diluted weighted average common shares outstanding		37,674,200		38,087,826
Earnings (loss) per common share:
Basic	$	(7.30)	$	0.74
Diluted	$	(7.30)	$	0.72

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the three months ended December 31, 2018 and 2017 were 540 thousand and 3.0 million, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the six months ended December 31, 2018 and 2017 were 2.2 million and 3.0 million, respectively.