EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2024

EARNINGS PER SHARE:

The Company's basic earnings per share is calculated as net (loss) income divided by weighted average common shares outstanding, excluding unvested outstanding stock options (SOs), stock appreciation rights (SARs), restricted stock units (RSUs) and stock-settled performance units (PSUs). The Company's diluted earnings per share is calculated as net (loss) income divided by weighted average common shares and common share equivalents outstanding, which includes shares issued under the Company's stock-based compensation plans and warrants issued in connection with the June 2024 refinancing. Stock-based awards with exercise prices greater than the average market price of the Company's common stock are excluded from the computation of diluted earnings per share. The computation of weighted average shares outstanding, assuming dilution, excluded 194,612 and 208,819 of stock-based awards during the three months ended September 30, 2024, and 2023, respectively, as they were not dilutive under the treasury stock method.

The following table sets forth the presentation of shares outstanding used in the calculation of basic and diluted earnings per share (EPS):


	Three Months Ended September 30,
	2024	2023

	(Shares in thousands)

Denominator for basic EPS - weighted average common shares	2,343	2,332
Dilutive shares associated with option plans	—	30
Denominator for diluted EPS - weighted average common shares and dilutive potential common shares	2,343	2,362
Options excluded from EPS calculation - anti-dilutive	195	209