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
	March 31,
(In thousands, except share and per share data)	2020		2019
Numerator:
Net income (loss)	$	(16,592)	$	10,645
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 (loss)	$	(16,592)	$	10,645

Denominator:
Basic weighted average common shares outstanding		38,707,049		37,842,224
Effect of potentially dilutive options and restricted stock awards		—		1,488,623
Effect of conversion of the Notes		—		—
Diluted weighted average common shares outstanding		38,707,049		39,330,847

Earnings (loss) per common share:
Basic	$	(0.43)	$	0.28
Diluted	$	(0.43)	$	0.27


	Nine Months Ended
	March 31,
(In thousands, except share and per share data)	2020		2019
Numerator:
Net loss	$	(23,665)	$	(264,521)
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	$	(23,665)	$	(264,521)

Denominator:
Basic weighted average common shares outstanding		38,539,850		37,729,099
Effect of potentially dilutive options and restricted stock awards		—		—
Effect of conversion of the Notes		—		—
Diluted weighted average common shares outstanding		38,539,850		37,729,099

Loss per common share:
Basic	$	(0.61)	$	(7.01)
Diluted	$	(0.61)	$	(7.01)

The number of anti-dilutive shares that have been excluded in the computation of diluted loss and earnings per share for the three months ended March 31, 2020 and 2019 were 7.8 million and 481 thousand, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted loss per share for the nine months ended March 31, 2020 and 2019 were 6.0 million and 2.0 million, respectively. The effect of potentially dilutive shares was excluded from the calculation of diluted loss per share in the three and nine months ended March 31, 2020 and the nine months ended March 31, 2019 because the effect of including such securities would be anti-dilutive.