XML 33 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Earnings (Loss) Per Share
 12 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net (loss) income per share:
 
Fiscal Year Ended June 30,
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
   Net (loss) income from continuing operations
$
(49,945
)
 
$
82,428

 
$
65,541

   Net (loss) income from discontinued operations, net of tax
$
(133,369
)
 
$
(72,734
)
 
$
1,889

Net (loss) income
$
(183,314
)
 
$
9,694

 
$
67,430

 
 
 
 
 
 
Denominator:
 
 
 
 
 
   Basic weighted average shares outstanding
104,076

 
103,848

 
103,611

   Effect of dilutive stock options, unvested restricted stock and
     unvested restricted share units
—

 
629

 
637

   Diluted weighted average shares outstanding
104,076

 
104,477

 
104,248

 
 
 
 
 
 
Basic net (loss) income per common share:


 


 
 
   Continuing operations
$
(0.48
)
 
$
0.79

 
$
0.63

   Discontinued operations
(1.28
)
 
(0.70
)
 
0.02

Basic net (loss) income per common share
$
(1.76
)
 
$
0.09

 
$
0.65

 
 
 
 
 
 
Diluted net (loss) income per common share:
 
 
 
 
 
   Continuing operations
$
(0.48
)
 
$
0.79

 
$
0.63

   Discontinued operations
(1.28
)
 
(0.70
)
 
0.02

Diluted net (loss) income per common share
$
(1.76
)
 
$
0.09

 
$
0.65


Basic net (loss) income per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units.
Due to our net loss in the twelve months ended June 30, 2019, all common stock equivalents such as stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations. Diluted earnings per share for the fiscal years ended June 30, 2018 and 2017 includes the dilutive effects of common stock equivalents such as stock options and unvested restricted stock awards.
There were 3,625, 560 and 271 stock-based awards excluded from our diluted net (loss) income per share calculations for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. Additionally, 659, 4 and 12 restricted stock awards were excluded from our diluted net (loss) income per share calculation for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, as such awards were anti-dilutive.
There were 110 potential shares of common stock issuable upon exercise of stock options excluded from our diluted net loss per share calculation for the fiscal year ended June 30, 2019, as they were anti-dilutive due to the net loss recorded in the period. No such awards were excluded for the fiscal years ended June 30, 2018 and 2017.
Share Repurchase Program

On June 21, 2017, the Company's Board of Directors authorized the repurchase of up to $250,000 of the Company’s issued and
outstanding common stock. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. The Company did not repurchase any shares under this program in fiscal 2019, 2018 or 2017, and accordingly, as of the end of fiscal 2019, we had $250,000 of remaining capacity under our share repurchase program.