Earnings Per Common Share

3 Months Ended

Sep. 30, 2020

7. Earnings per common share — The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share amounts):

	Three Months Ended September 30,
	2020		2019
Net income/(loss)	$	18,624	$	(9,629	)
Less: Income to participating securities		—		—
Net income/(loss) attributable to common shares	$	18,624	$	(9,629	)
Weighted average number of common shares outstanding — basic		45,462		44,955
Effect of dilutive stock equivalents		—		—
Weighted average number of common shares outstanding — diluted		45,462		44,955
Net income/(loss) per common share — basic	$	0.41	$	(0.21	)
Net income/(loss) per common share — diluted	$	0.41	$	(0.21	)

For the quarter ended September 30, 2020, options representing the rights to purchase approximately 2.6 million weighted average shares were excluded in the dilutive earnings per share calculation because the assumed exercise of such options would have been anti-dilutive. For the quarter ended September 30, 2019, all options representing the rights to purchase shares were excluded in the dilutive earnings per share calculation, because the assumed exercise of such options would have been anti-dilutive.