EARNINGS (LOSS) PER SHARE CALCULATION

9 Months Ended

Mar. 31, 2022

Basic earnings (loss) per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share, applicable only to periods ended with reported income, is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The calculation of basic and diluted earnings (loss) per share is presented below:


	Three months ended March 31,
($ in thousands, except per share data)	2022		2021

Numerator for basic and diluted loss per share
Net earnings (loss)	$	2,136	$	(1,848)
Preferred dividends	(334)		(334)
Net earnings (loss) applicable to common shareholders	1,802		(2,182)

Denominator for basic loss per share - Weighted average shares outstanding	71,083,044		67,112,511
Effect of dilutive potential common shares	403,674		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,486,718		67,112,511

Basic and diluted earnings (loss) per share	$	0.03	$	(0.03)


	Nine months ended March 31,
($ in thousands, except per share data)	2022		2021

Numerator for basic and diluted loss per share
Net loss	$	377	$	(11,363)
Preferred dividends	(668)		(668)
Net loss applicable to common shareholders	(291)		(12,031)

Denominator for basic loss per share - Weighted average shares outstanding	71,076,022		65,617,458
Effect of dilutive potential common shares	—		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,076,022		65,617,458

Basic and diluted loss per share	$0.00		$	(0.18)

Potentially anti-dilutive shares excluded from the calculation of diluted loss per share were approximately 5 million for the three and nine months ended March 31, 2022 and approximately 4 million for the three and nine months ended March 31, 2021.