Earnings (Loss) Per Common Share

6 Months Ended

Dec. 31, 2019

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

Note 14. Earnings (Loss) Per Common Share

A reconciliation of the Company’s basic and diluted earnings (loss) per common share is as follows:

	Three Months Ended
	December 31,
(In thousands, except share and per share data)	2019		2018
Numerator:
Net income	$	5,084	$	12,362
Interest expense applicable to the Notes, net of tax		—		—
Amortization of debt issuance costs applicable to the Notes, net of tax		—		—
Adjusted “if-converted” net income	$	5,084	$	12,362
Denominator:
Basic weighted average common shares outstanding		38,605,052		37,761,176
Effect of potentially dilutive options and restricted stock awards		1,952,451		1,351,371
Effect of conversion of the Notes		—		—
Diluted weighted average common shares outstanding		40,557,503		39,112,547
Earnings per common share:
Basic	$	0.13	$	0.33
Diluted	$	0.13	$	0.32

	Six Months Ended
	December 31,
(In thousands, except share and per share data)	2019		2018
Numerator:
Net loss	$	(7,073)	$	(275,166)
Interest expense applicable to the Notes, net of tax		—		—
Amortization of debt issuance costs applicable to the Notes, net of tax		—		—
Adjusted “if-converted” net loss	$	(7,073)	$	(275,166)
Denominator:
Basic weighted average common shares outstanding		38,457,159		37,674,200
Effect of potentially dilutive options and restricted stock awards		—		—
Effect of conversion of the Notes		—		—
Diluted weighted average common shares outstanding		38,457,159		37,674,200
Loss per common share:
Basic	$	(0.18)	$	(7.30)
Diluted	$	(0.18)	$	(7.30)

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, 2019 and 2018 were 6.0 million and 540 thousand, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted loss per share for the six months ended December 31, 2019 and 2018 were 6.7 million and 2.2 million, respectively. The effect of potentially dilutive shares was excluded from the calculation of diluted loss per share in the six months ended December 31, 2019 and 2018 because the effect of including such securities would be anti-dilutive.