EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2021

Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of common shares after considering the additional dilution related to common stock options and restricted stock. In computing diluted earnings per share, the outstanding common stock options are considered dilutive using the treasury stock method.

The Company’s restricted stock awards are included in the calculations for diluted weighted average shares since these shares have full voting rights and are entitled to participate in dividends declared on common shares, if any, and undistributed earnings. As participating securities, the shares of restricted stock are included in the calculation of basic and diluted EPS using the two-class method. For the periods presented, the amount of earnings allocated to the participating securities was not material.

The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per-share amounts):


	Three-Months Ended September 30,
	2021		2020
	(As restated)
Net loss as reported	$	(1,341)	$	(293)

Weighted average common shares outstanding	17,879		16,391
Effect of dilutive stock options	—		—
Weighted average diluted common shares outstanding	17,879		16,391

Net loss per common share


Basic and Diluted	$	(0.08)	$	(0.02)
Employee stock options excluded from computation of dilutive income (loss) per share amounts because their effect would be anti-dilutive	685		1,112