Earnings (loss) per common share

9 Months Ended

Mar. 31, 2013

Earnings (loss) per common share

Earnings (loss) per common share

5. Earnings (loss) per common share — The following table sets forth the computation of basic and diluted earnings(loss) per common share:

	Three Months Ended March 31,				Nine Months Ended March 31,
(in thousands, except per share data)	2013		2012		2013		2012
Net income (loss)	$	(12,366)		(4,245)	$	(40,793)	$	5,921
Less: Income to participating securities		—		—		—		48
Income available (loss attributable) to common shares	$	(12,366)		(4,245)	$	(40,793)	$	5,873
Weighted average common shares outstanding - basic		42,427		41,622		42,164		42,156
Effect of diluted stock equivalents		—		—		—		546
Weighted average common shares outstanding - dilutive		42,427		41,622		42,164		42,702
Net income (loss) per common share - basic	$	(0.29)	$	(0.10)	$	(0.97)	$	0.14
Net income (loss) per common share - diluted	$	(0.29)	$	(0.10)	$	(0.97)	$	0.14

All options representing rights to purchase shares were excluded from diluted earnings per share for the quarter and nine months ended March 31, 2013, as the Company had a net loss for those periods. For the quarter and nine month periods ended March 31, 2012 options representing rights to purchase 1,863,435 and 1,842,594 shares, respectively, were not included in the diluted earnings per share calculation because the assumed exercise of such options would have been anti-dilutive.