Income/(Loss) Per Common Share

9 Months Ended

Mar. 31, 2017

4. Income/(loss) per common share — The following table sets forth the computation of basic and diluted income/(loss) per common share (in thousands, except per share amounts):

	Three Months Ended March 31,						Nine Months Ended March 31,
	2017			2016			2017			2016
Net income/(loss)	$	(14,796	)	$	(5,240	)	$	(15,221	)	$	7,564
Less: Income to participating securities		—			—			—			—
Net income/(loss) attributable to common shares	$	(14,796	)	$	(5,240	)	$	(15,221	)	$	7,564
Weighted average number of common shares outstanding basic		43,998			43,731			43,915			43,678
Effect of dilutive stock equivalents		—			—			—			31
Weighted average number of common shares outstanding diluted		43,998			43,731			43,915			43,709
Net income/(loss) per common share basic	$	(0.34	)	$	(0.12	)	$	(0.35	)	$	0.17
Net income/(loss) per common share diluted	$	(0.34	)	$	(0.12	)	$	(0.35	)	$	0.17

For the quarters ended March 31, 2017 and March 31, 2016, all options representing rights to purchase shares were excluded from the diluted loss per share calculation as we had a net loss for the periods and the assumed exercise of such options would have been anti-dilutive. For the nine months ended March 31, 2017, all options representing rights to purchase shares were excluded from the diluted loss per share calculation as we had a net loss for the period and the assumed exercise of such options would have been anti-dilutive. For the nine months ended March 31, 2016, options representing rights to purchase approximately 2.3 million weighted average shares were not included in the diluted income per share calculation, because the assumed exercise of such options would have been anti-dilutive.