Note 13. Earnings (Loss) Per Common Share

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


	For Fiscal Year Ended June 30,
(In thousands, except share and per share data)	2020		2019		2018
Numerator:
Net income (loss)	$	(33,366)	$	(272,107)	$	28,690
Interest expenses 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)	$	(33,366)	$	(272,107)	$	28,690

Denominator:
Basic weighted average common shares outstanding		38,592,618		37,779,812		37,127,306
Effect of potentially dilutive options and restricted stock awards		—		—		1,035,208
Effect of conversion of the Notes		—		—		—
Diluted weighted average common shares outstanding		38,592,618		37,779,812		38,162,514

Earnings (loss) per common share:
Basic	$	(0.86)	$	(7.20)	$	0.77
Diluted	$	(0.86)	$	(7.20)	$	0.75

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the fiscal years ended June 30, 2020, 2019 and 2018 were 6.6 million, 1.9 million and 3.0 million, respectively. The effect of potentially dilutive shares was excluded from the calculation of diluted loss per share in the fiscal years ended June 30, 2020 and 2019 because the effect of including such securities would be anti-dilutive.